Park Electrochemical Corp. completed the previously announced sale of its Electronics Business to AGC Inc., formerly Asahi Glass Co., Ltd., based in Tokyo, Japan, for $145 million in cash.
The Electronics Business develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise and military/aerospace markets, and includes manufacturing facilities in Singapore, France, Arizona and California and R&D facilities in Arizona and Singapore.
Brian Shore, Park’s chairman and CEO, said, “To AGC, I would like to wish you the best of luck and congratulate you on your purchase of Park’s iconic and very special Electronics Business.”
Brian Shore added, “To Park’s Electronics Business employees, I would like to wish you the very best of luck in the future, and I would like to thank you for your outstanding service to Park over the years. Although most of you never met my father, I am quite sure that, if Jerry was still with us, he also would want to thank you for your outstanding service to Park over the years. I will think of you often, and I surely will miss you. I admire and respect you so very much, and it has been my honor and privilege to work with you over our many years together. I wish each and every one of you the very best of everything in the future.”
Park Electrochemical Corp. is an Aerospace Company which develops and manufactures solution and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets. Park’s advanced composite materials include film adhesives (undergoing qualification) and lightning strike materials.