-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CVlbeVxB0cWcMGm11UzQDGiL8qOrj32pl2iVuMkxC0s4YYQBHlz8e7DHX0EBlgFE riWXo2wOIW4Ua4ezTrjyGA== 0000076267-07-000010.txt : 20070904 0000076267-07-000010.hdr.sgml : 20070903 20070904105500 ACCESSION NUMBER: 0000076267-07-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070904 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070904 DATE AS OF CHANGE: 20070904 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARK ELECTROCHEMICAL CORP CENTRAL INDEX KEY: 0000076267 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 111734643 STATE OF INCORPORATION: NY FISCAL YEAR END: 0226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04415 FILM NUMBER: 071096000 BUSINESS ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 6314653600 MAIL ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD CITY: MELVILLE STATE: NY ZIP: 11747 8-K 1 e8knelteceuropesas.txt 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 28,2007 --------------- PARK ELECTROCHEMICAL CORP. - ------------------------------------------------------------------ (Exact Name of Registrant as Specified in Charter) New York 1-4415 11-1734643 - ------------------------------------------------------------------ (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 48 South Service Road, Melville New York 11747 - ------------------------------------------------------------------ (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (631) 465-3600 -------------- Not Applicable - ------------------------------------------------------------------ Former Name or Former Address, if Changed Since Last Report Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d- 2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e- 4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.05 Costs Associated with Exit or Disposal Activities. - --------- ------------------------------------------------- On August 28, 2007, the Board of Directors of Park Electrochemical Corp. (the "Company") authorized a proposal to restructure the operations and reduce the workforce of Neltec Europe SAS, the Company's electronic materials business unit located in Mirebeau, France, and authorized the commencement of a consultation process with the employees of Neltec Europe SAS regarding the proposed restructuring and workforce reduction in accordance with French law. The proposed restructuring and workforce reduction are 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 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 the Company's Neltec SA business unit located in Lannemezan, France. The Company issued a news release on August 29, 2007 announcing the proposed restructuring. A copy of such news release is attached as Exhibit 99.1 hereto. Item 9.01 Financial Statements and Exhibits. - --------- --------------------------------- (c) Exhibits. -------- 99.1 News Release dated August 29, 2007 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PARK ELECTROCHEMICAL CORP. Date: September 4, 2007 By: /s/Stephen E. Gilhuley ----------------------------- Name: Stephen E. Gilhuley Title: Executive Vice President, Secretary and General Counsel EXHIBIT INDEX Number Exhibit Description Page - ------- ----------- ---- 99.1 News Release dated August 29, 2007 5 EX-99.1 2 enewsneltec.txt PRESS RELEASE Exhibit 99.1 PARK ELECTROCHEMICAL CORP. NEWS RELEASE - ------------------------------------------------------------------ Contact: Linda Lagnese 48 South Service Road Melville, NY 11747 (631) 465-3600 PARK ELECTROCHEMICAL CORP. ANNOUNCES PROPOSED RESTRUCTURING OF ITS NELTEC EUROPE BUSINESS UNIT LOCATED IN MIREBEAU, FRANCE Melville, New York, August 29, 2007...Park Electrochemical Corp. (NYSE - PKE) 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. Certain portion of this press release may be deemed to constitute forward looking statements that are subject to various factors which could cause actual results to differ materially from Park's expectations. Such factors include, but are not limited to, general conditions in the electronics and aerospace industries, Park's competitive position, the status of Park's relationships with its customers, economic conditions in international markets, the cost and availability of raw materials and utilities, and the various factors set forth in Item 1A "Risk Factors" and under the caption "Factors That May Affect Future Results" after Item 7 of Park's Annual Report on Form 10-K for the fiscal year ended February 25, 2007. Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials (the Nelco(registered) product line)and advanced composite materials (the Nelcote (trademark) product line)principally for the telecommunications and internet infrastructure, high-end computing and aerospace markets. Park focuses on the general aviation aircraft segment of the aerospace market. Park's core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company's manufacturing facilities are located in Singapore, China, France, Connecticut, New York, Arizona and California. In addition, as recently announced, the Company plans to construct a new facility in Newton, Kansas. Additional corporate information is available on the Company's website at www.parkelectro.com. # # # # # -----END PRIVACY-ENHANCED MESSAGE-----