Park Electrochemical Corp. Announces Additional Charge of Approximately $1.3 Million in Connection with the Closure of Its Neltec Europe SAS Business Unit
Park Electrochemical Corp. (NYSE: PKE) announced that it will record an additional pre-tax charge of approximately $1.3 million in connection with the closure, in January of 2009, of its Neltec Europe SAS electronic materials business unit in Mirebeau, France. The Company previously recorded a pre-tax charge of $4.1 million in connection with such closure in the fourth quarter of its fiscal year ended March 1, 2009.
The Company will record the additional charge in its third fiscal quarter ended November 28, 2010. Since there is no tax benefit associated with this charge, this charge will result in a reduction in third quarter net earnings of approximately $1.3 million.
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