Park Aerospace Corp. Announces Ground-Breaking for Major Expansion of Its Manufacturing and Development Facilities in Newton,...
August 19 2019 - 1:11PM
Park Aerospace Corp. (NYSE-PKE) announced that, on August 15, 2019,
the Company celebrated the official ground-breaking for the major
expansion of its manufacturing and development facilities located
at the Newton City-County Airport in Newton, Kansas. This
major expansion, which will include the construction of a redundant
manufacturing facility located adjacent to Park’s existing Newton,
Kansas facility, was originally announced on December 17,
2018. The 90,000 square feet expansion will essentially
double the size of Park’s existing Newton, Kansas facilities and is
projected to cost approximately $20.5 million. The new
facility, which was originally conceived of as a redundant
manufacturing facility for Park’s major aerospace customer and the
large aerospace OEMs it supports, is also expected to be needed for
additional manufacturing capacity in approximately two years.
The major expansion will include enhanced and upgraded hot-melt
film and tape lines and mixing and delivery systems, an expanded
production lab, a new R&D lab, additional freezer and storage
space and additional infrastructure to support the expanded
operation. The expansion is expected to be complete in
approximately one year and to be qualified and in production in
approximately two years.
Brian Shore, Park Aerospace Corp.’s Chairman and
CEO, said, “Our ground-breaking celebration, which took place on a
typical hot and windy Newton, Kansas summer afternoon, was just a
wonderful event and a very special day for Park. It was so
gratifying to me that close to 50 government officials and other
friends and well-wishers from Newton and the surrounding area
joined us for the celebration. Of course, our Park People
attended as well. I want to express our deep gratitude to the
people of Newton and Harvey County for making us feel so welcome
and at home in their wonderful and special community. We look
forward to expanding our home at the beautiful Newton City-County
Airport.”
Brian Shore continued, “It has been a long and
difficult journey since the ground-breaking for our first Newton,
Kansas facility in that empty field at the Newton, Kansas Airport
on that cold winter day in January of 2008. Many sacrifices
needed to be made. Much adversity needed to be faced.
Many set-backs, disappointments, failures and loneliness had to be
overcome. But, to me, it has all been worth it. Now, I
am not saying we are where we want to be, because we are not.
We have not yet achieved Greatness as a company, which is our
singular objective, but our People have accomplished great things
against pretty steep odds.”
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 proprietary 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.
Certain portions of this news release include
forward-looking statements that predict or indicate future events
and trends and that do not report historical matters.
Forward-looking statements in this news release include, but are
not limited to, Park’s expectations regarding developments and
business strategies and growth opportunities. Forward-looking
statements are qualified by important risks and uncertainties, many
of which are beyond Park’s control, and assumptions that could
cause actual results to differ materially from those forecasted or
indicated by such forward-looking statements and include, but are
not limited to: general conditions in the aerospace industry;
legislative, regulatory and economic developments; Park’s
competitive position; and the various factors set forth under the
caption “Factors That May Affect Future Results” in Item 1 and in
Item 1A “Risk Factors” of Park’s Annual Report on Form 10-K for the
fiscal year ended March 3, 2019 and in subsequent reports of Park
filed with or furnished to the Securities and Exchange Commission.
Except as may be required by any applicable laws, Park assumes no
obligation to update such forward-looking statements, which are
made as of the date hereof or the earlier date specified herein,
whether as a result of new information, future developments or
otherwise.
Additional corporate information is available on
the Company’s web site at www.parkelectro.com.
Contact: Donna D’Amico-Annitto486 North
Oliver RoadNewton, KS 67114(316) 283-6500
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