MELVILLE, N.Y., June 26, 2017 (GLOBE NEWSWIRE) — Park Electrochemical Corp. (NYSE:PKE) announced that its wholly owned subsidiary, Park Aerospace Technologies Corp. (“PATC”), located in Newton, Kansas, and MRA Systems, LLC (“MRAS”), a wholly-owned subsidiary of GE Aviation, have entered a Long-Term Agreement for the purchase of composite materials used in the manufacture of engine nacelles and thrust reversers. This Agreement builds upon a business relationship originating in 2013, when the PATC products were first specified in MRAS designs. The PATC composite materials covered by the Agreement include multiple product forms based upon Park’s proprietary E-752 and E-752LT resin systems. Additional materials currently under development may be added upon agreement by the parties.
Brian Shore, Park’s Chairman and CEO, said, “This Agreement with MRAS is such a very major milestone for Park in its 63-year history, especially considering Park’s very first sale in 1954 was to GE Schenectady in the amount of $300. We are very fortunate, privileged and blessed to be able to enter into such an agreement with MRAS.”
Park Electrochemical Corp. is a global advanced materials company which develops and manufactures advanced composite materials, primary and secondary structures and assemblies and low-volume tooling for the aerospace markets and high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise and military markets. The Company’s manufacturing facilities are located in Kansas, Singapore, France, Arizona and California. The Company also maintains R&D facilities in Arizona, Kansas and Singapore.
CONTACT: Contact: Martina Bar Kochva 48 South Service Road Melville, NY 11747 (631) 465-3600