Park Electrochemical To Sell Electronics Unit To Japan's AGC For $145 Mln Cash

(RTTNews) - Park Electrochemical Corp. (PKE) announced late Wednesday that it has entered into a definitive agreement to sell its Electronics Business to Japan-based AGC Inc., formerly Asahi Glass Co., Ltd., for $145 million in cash.

Park's Electronics unit manufactures high-technology digital and RF/microwave printed circuit materials mainly for the telecommunications and internet infrastructure, enterprise and military/aerospace markets.

It includes manufacturing facilities in Singapore, France, Arizona and California and R&D facilities in Arizona and Singapore. Park's founders, Jerry Shore and Tony Chiesa, started Electronics Business in 1961 when Park bought a small bankrupt firm named New England Laminates Co.

Park originally announced the initiation of a strategic evaluation and possible sale process for the Electronics Business on January 4, 2018.

The transaction is expected to close in Park's third fiscal quarter ended November 25, 2018, subject to customary closing conditions and regulatory approvals.

Park will retain its Aerospace Business, which manufactures advanced composite materials, primary and secondary structures and assemblies and low volume tooling for the global aerospace markets.