Park Electrochemical Corp. announces proposed restructuring of its Neltec Europe business unit
Park Electrochemical Corp. announced that Neltec Europe SAS, Park's electronic materials business unit located in Mirebeau, France, is proposing to restructure its operations and to reduce its workforce and has commenced an information and consultation process with its employees regarding the proposed restructuring and workforce reduction in accordance with French law. Neltec Europe SAS is proposing the restructuring and workforce reduction in response to the continuing erosion of the markets for electronic materials in Europe and the continuing migration of such markets to Asia.
If the proposed restructuring and workforce reduction are implemented, the Company would expect to record a one-time charge of approximately $1.5 million in the fourth quarter of the Company's current fiscal year ending March 2, 2008. The Company expects Neltec Europe SAS to continue to support all of its existing customers if the proposed restructuring is implemented. The proposed restructuring plan does not contemplate the loss of any business by Neltec Europe SAS. The proposed restructuring will not affect Park's Neltec SA business unit located in Lannemezan, France.
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