MELVILLE, NY – Park Electrochemical Corp. will close its restructure its Mirebeau, France, business unit and reorganize its business in Lannemezan, France, as part of a proposed broad European restructuring.

Should the plan go through, the company expects a one-time pretax charge of about $5 million to $6 million in the third or fourth quarter.

The Mirebeau site, Neltec Europe SAS, makes digital electronic materials. Park has begun the required consultation process with employees regarding the proposed closure. Park said the demand for the European market is no longer sufficient to maintain those operations, which would be relocated to the U.S.

Park also plans a limited reorganization of its Neltec SA RF/microwave electronic materials business unit in Lannemezan, France.

• Prev
• Next