Park Electrochemical Announces Realignment of Dielektra GmbH, its German Electronic Materials Business
Park Electrochemical Corp. (NYSE-PKE) announced that Dielektra GmbH, Park’s advanced electronic materials business located in Cologne, Germany, is realigning its operations to better position itself for success in the future. Specifically, Dielektra is closing down its conventional lamination line, and will focus its efforts and capabilities in the future on its unique Datlam™ automated continuous lamination and paneling manufacturing technology. The product previously made on Dielektra’s conventional lamination line will, in the future, be produced on its Datlam™ line or at Park’s other European manufacturing locations. Dielektra is also reducing the size of its mass lamination operations in order to focus on the marketing and manufacturing of high technology, higher layer count mass lamination product. These changes are intended to position Dielektra as a more focused high technology electronic materials business. Park expects to record a one-time charge of approximately $2.7 million in its 2002 fiscal year third quarter ending November 25, 2001 in connection with this realignment and the related workforce reduction at Dielektra. The company intends to continue to enhance the capability of its unique Datlam™ continuous lamination technology and its high layer count mass lamination manufacturing operations.
Brian Shore, Park’s President and CEO, said, “While we are saddened by the workforce reduction at Dielektra, I am very pleased that the Dielektra management is realigning the Dielektra business in order to be more focused for success as a high technology electronic materials business in the future. We purchased Dielektra four years ago because of its technological orientation and focus. The changes being implemented at Dielektra will help further refine that focus.”
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