SMT & Inspection | May 16, 2005
Park downsizing French ops
North American PCB material supplier Park Electrochemical Corp. will reducing the size of the workforce at its Neltec Europe SAS subsidiary in Mirebeau, France, from 138 employees to 103 employees.
The Company expects to record a one-time termination benefits charge of approximately $1 million during the first quarter of the 2006 fiscal year ending May 29, 2005. The payment of these termination benefits is expected to be substantially completed by the end of the second quarter of the 2006 fiscal year ending August 28, 2005. Park has also named John C. Weidner as the President of Neltec Europe SAS, Park’s hightechnology printed circuit materials business unit in Mirebeau, France.