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Park Electrochemical Reports Accident at Its Nelco/Singapore Manufacturing Facility
December 5, 2002 |Estimated reading time: 1 minute
Lake Success, N.Y. -- Park Electrochemical Corp. reports that, on November 27, 2002, an explosion occurred in one of the four treaters located at its Nelco/Singapore manufacturing facility, and the treater in question was essentially destroyed.
The destroyed treater had been especially retrofitted and converted to produce the company's N6000 product line. The remaining three treaters located at Nelco/Singapore are standard Park Electrochemical treaters not related to the production of the N6000 product line. Two of the remaining treaters were not damaged, and the third treater sustained minor damage.
The Nelco/Singapore building sustained minor damage and none of the other manufacturing equipment located at the facility was damaged. As of now, all manufacturing departments at the Nelco/Singapore facility are fully operational, except for the treating department, which is not currently operating. The company will not resume operation of the treating department until it has concluded its investigation into the cause of the explosion. Until the other treaters return to operation, Nelco/Singapore is being supplied and will continue to be supplied with 100 percent of its prepreg requirements from other Park Electrochemical locations in North America and Europe.
At this time, the company has discontinued the production of its N6000 product line and it is unclear whether the company will resume production of that product line in the future. The annualized fiscal year-to-date revenue run rate for the company's N6000 product line is approximately $2.5 million. The company reported that it is fully insured for the property damage and any business interruption losses it incurs as the result of the accident. Except for the discontinued N6000 product line, the company does not believe it will lose any revenues as the result of the accident. In addition, the company does not believe the accident will have a material adverse affect on the company's consolidated results of operations or financial condition.
The company also reported that two of its employees were seriously injured by the explosion, and that one of these employees has died from his injuries. The other employee remains hospitalized at this time.
Park Electrochemical Corp. is a leading global designer and producer of electronic materials used to fabricate complex multilayer printed circuit boards and interconnection systems. For more information, visit www.parkelectro.com and www.parknelco.com.