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© jirsak dreamstime.com Business | August 28, 2018

Park Electrochemical to sell its electronics business

Park Electrochemical has entered into a definitive agreement to sell its iconic Electronics Business to AGC Inc., formerly Asahi Glass Co., Ltd., based in Tokyo, Japan, for USD 145 million in cash.
The business that Park intend to sell develops and manufactures high-technology digital and RF/microwave printed circuit materials – principally for the telecommunications and internet infrastructure, enterprise and military/aerospace markets. The business includes manufacturing facilities in Singapore, France, Arizona and California and R&D facilities in Arizona and Singapore, a press release reads.

The acquirer, AGC Inc., is the parent company of the AGC Group, which some of you might now as a glass solution provider and supplier of flat, automotive and display glass, chemicals, ceramics and other high-tech materials and components.

Park originally announced the initiation of a strategic evaluation and possible sale process for the Electronics Business back in January 4, 2018. The company says that it has conducted a very thorough process over the last six months which culminated in the signing of the definitive agreement to sell the Electronics Business to AGC Inc.

The transaction is expected to close in Park’s third fiscal quarter ending on November 25, 2018.

Park will retain its Aerospace Business. Park’s Aerospace Business develops and manufactures advanced composite materials, primary and secondary structures and assemblies and low volume tooling for the global aerospace markets and includes Park’s principal aerospace manufacturing and development facility located in Newton, Kansas and its satellite aerospace manufacturing facility located in Singapore.

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September 21 2018 11:51 am V11.0.0-1