0001133796-12-000138.txt : 20120802 0001133796-12-000138.hdr.sgml : 20120802 20120802172136 ACCESSION NUMBER: 0001133796-12-000138 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120727 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120802 DATE AS OF CHANGE: 20120802 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: 121004486 BUSINESS ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD STREET 2: SUITE 300 CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 6314653600 MAIL ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD STREET 2: SUITE 300 CITY: MELVILLE STATE: NY ZIP: 11747 8-K 1 k320278_8k.htm FORM 8-K

 

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):  July 27, 2012

 

PARK ELECTROCHEMICAL CORP.

 

(Exact Name of Registrant as Specified in Charter)

 

New York 1-4415 11-1734643
(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) 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 July 27, 2012, the President and Chief Executive Officer of Park Electrochemical Corp. (the "Company" or “Park”) authorized the closure of the operations of the Company’s Nelco Technology (Zhuhai FTZ) Ltd. facility, located in the Free Trade Zone in Zhuhai, China, after the completion of the procedures required to cease its operations and liquidate, subject to the requisite approvals of government authorities in China. Nelco Technology (Zhuhai FTZ) Ltd. is a wholly owned subsidiary of Park’s Nelco Products Pte. Ltd. wholly owned subsidiary located in Singapore.

 

Park plans to supply and fully support all its customers in Asia from its Nelco Products Pte. Ltd. business unit in Singapore. Consistent with this plan, the manufacturing activities conducted by Nelco Technology (Zhuhai FTZ) Ltd. will be conducted by Nelco Products Pte. Ltd. in Singapore in the future. The proposed cessation of operations does not contemplate the loss of any business by Park.

 

As the result of the cessation of operations at Nelco Technology (Zhuhai FTZ) Ltd., Park expects to record total pre-tax charges of approximately $3.2 million. The charges include non-cash asset impairment charges of approximately $3.6 million and cash charges of approximately $0.8 million, partially offset by a non-cash cumulative currency translation recovery of approximately $1.2 million. The Company is recording approximately $2.6 million of these charges in the 2013 fiscal year second quarter ending August 26, 2012 and expects to record the balance of the charges during the remaining two quarters of the current fiscal year ending March 3, 2013 and the first quarter of the 2014 fiscal year. The Nelco Technology (Zhuhai FTZ) Ltd. business operations will have no further impact on the consolidated financial condition or results of operations of Park after the cessation of operations.

 

The Company issued a news release on July 31, 2012 announcing the plan to cease operations at Nelco Technology (Zhuhai FTZ) Ltd. 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 July 31, 2012

 

-2-
 

 

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: August 2, 2012  By:  /s/ Stephen E. Gilhuley
  Name:  Stephen E. Gilhuley 
  Title:   Executive Vice President-Administration 
    and Secretary  

 

-3-
 

 

 

 

EXHIBIT INDEX

 

 

Number

Exhibit

 Description  Page 
     
99.1   News Release dated July 31, 2012 5
     

-4-
 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 EX-99.1 2 k32078_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

 

NEWS RELEASE

 

Contact: Martina Bar Kochva 48 South Service Road

Melville, NY 11747

(631) 465-3600

 

PARK ELECTROCHEMICAL CORP. ANNOUNCES PLAN TO CEASE OPERATIONS AT ITS FACILITY IN ZHUHAI, CHINA

 

Melville, New York, Tuesday, July 31, 2012 .......Park Electrochemical Corp. (NYSE-PKE) announced that its Nelco Technology (Zhuhai FTZ) Ltd. facility, located in the Free Trade Zone in Zhuhai, China, plans to commence the procedures required to cease its operations and liquidate, subject to the requisite approvals of government authorities in China.

 

Park plans to supply and fully support all its customers in Asia from its Nelco Products Pte. Ltd. business unit in Singapore. Consistent with this plan, the manufacturing activities conducted by Nelco Technology (Zhuhai FTZ) Ltd. will be conducted by Nelco Products Pte. Ltd. in Singapore in the future. The proposed cessation of operations does not contemplate the loss of any business by Park.

 

As the result of the cessation of operations at Nelco Technology (Zhuhai FTZ) Ltd., Park expects to record total pre-tax charges of approximately $3.2 million. The charges include non-cash charges of approximately $2.4 million and cash charges of approximately $0.8 million. The Company is recording approximately $2.6 million of these charges in the 2013 fiscal year second quarter ending August 26, 2012 and expects to record the balance of the charges during the remaining two quarters of the current fiscal year ending March 3, 2013 and the first quarter of the 2014 fiscal year. The Nelco Technology (Zhuhai FTZ) Ltd. business operations will have no further impact on the consolidated financial condition or results of operations of Park Electrochemical Corp. after the cessation of operations.

 

Certain portions of this news 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 expectation. 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, transportation and utilities, and the various other 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 26, 2012.

 

Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company’s manufacturing facilities are located in Singapore, France, Connecticut, Kansas, Arizona and California. The Company also maintains R & D facilities in Arizona, Kansas and Singapore.

 

Additional corporation information is available on the Company’s web site at www.parkelectro.com.

 

 

# # # # #

-5-
 

 

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