Park Electrochemical Corp. Announces Change of Its Name to Park Aerospace Corp. and Merger of Principal Operating Subsidiary ...
17 July 2019 - 11:47PM
Park Electrochemical Corp. (NYSE – PKE) announced that, at its
Annual Meeting on July 16, 2019, the Company’s shareholders
approved the change of the Company’s name from “Park
Electrochemical Corp.” to “Park Aerospace Corp.”. The name change
became effective on July 16, 2019 upon the filing of an Amendment
to the Company’s Certificate of Incorporation reflecting the name
change with the Department of State of the State of New York.
Park changed its name to reflect its transformation from an
electronics company to an aerospace company.
Park also announced that, effective today, Park
Aerospace Technologies Corp., the Company’s wholly owned and
principal operating subsidiary located in Newton, Kansas, has
merged into Park Aerospace Corp., the parent company. As a
result of this merger, Park Aerospace Corp. and Park Aerospace
Technologies Corp. are now one entity and company, and Park
Aerospace Technologies Corp. will hereafter be known and conduct
its business as Park Aerospace Corp.
Brian Shore, Park’s Chairman and CEO, said, “As
many of you know, our Company was founded by my father, Jerry
Shore, and his partner, Tony Chiesa, on March 31, 1954 in a small
factory (really a garage) in Woodside, Queens. The Company’s
original name was “Park Nameplate, Inc.”, but the name was changed
to “Park Electrochemical Corp.” in 1960 before the company went
public. Although we started out as Park Nameplate, we have
been Park Electrochemical Corp. from 1960 until yesterday, when our
name was changed to Park Aerospace Corp. I do have some
childhood memories of Park Nameplate, but, for me, it really has
always been Park Electrochemical, and saying good-bye to that name
is a little bittersweet. Now, changing our name to Park
Aerospace Corp. was clearly the right thing to do for us since our
transformation from an electronics company to an aerospace company
is complete and we now are an aerospace company through and
through. We are moving forward with our future as an
aerospace company (and our name change is a small part of that),
but, for me, what is most important is that we do not forget where
we come from, we do not forget our humble beginnings and we do not
lose our connection to the Unstoppable Spirit of our Beloved
Founders who gave us so much. As long as we do not forget or
lose those things, I believe our future will be very promising and
we will do very well.”
Brian Shore continued, “As also announced above,
we merged Park Aerospace Technologies Corp., our operating company
located in Newton, Kansas, into Park Aerospace Corp., and, as a
result, Park is now One Company which hereafter will operate and be
known as Park Aerospace Corp. We will maintain our major
location in Newton, Kansas and our small office in New York, but we
are now One Company with those two locations. No more duality
of “headquarters and business unit” or “corporate office and
manufacturing plant”. Just one unified company with one
objective, which is to achieve Greatness. And, for us,
Greatness means doing what others are unwilling or unable to do and
saying “yes” when others say “no”. For us, Greatness means
doing what may not even seem possible. This is Park
Aerospace Corp.!”
Park Aerospace Corp. 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. Park offers an
array of composite materials specifically designed for hand lay-up
or automated fiber placement (AFP) manufacturing
applications. Park’s advanced composite materials are used to
produce primary and secondary structures for jet engines, large and
regional transport aircraft, military aircraft, Unmanned Aerial
Vehicles (UAVs commonly referred to as “drones”), business jets,
general aviation aircraft and rotary wing aircraft. Park also
offers specialty ablative materials for rocket motors and nozzles
and specially designed materials for radome applications. As
a complement to Park’s advanced composite materials offering, Park
designs and fabricates composite parts, structures and assemblies
and low volume tooling for the aerospace industry. Target
markets for Park’s composite parts and structures (which include
Park’s patented composite Sigma Strut and Alpha Strut product
lines) are, among others, prototype and development aircraft,
special mission aircraft, spares for legacy military and civilian
aircraft and exotic spacecraft. Park’s objective is to do
what others are either unwilling or unable to do. When nobody
else wants to do it because it is too difficult, too small or too
annoying, sign us up.
Additional corporation information is available
on the Company’s web site at www.parkelectro.com.
Contact: Martina Bar Kochva48
South Service RoadMelville, NY 11747(631) 465-3600
Park Aerospace (NYSE:PKE)
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