August 01, 2012

Nelco to close down in Zhuhai (China)

Park Electrochemical's Nelco Technology (Zhuhai FTZ) Ltd. facility, located in the Free Trade Zone in Zhuhai, China, to cease its operations and liquidate.

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.

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.
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