Park Aerospace Corp. Announces Its Largest Customer Has Approved and Qualified the Company’s Major Expansion for Production
24 Abril 2023 - 12:10PM
Park Aerospace Corp. (NYSE-PKE) announced that, on April 5, 2023,
the Company’s largest customer qualified and fully approved the
Company’s major expansion of its Newton, Kansas facilities for
production on all of the customer’s aircraft programs. Park further
announced that its first manufacturing production run in the
Company’s major expansion facilities occurred on April 19, 2023.
The major expansion, which was designed as a
redundant facility to support critical aircraft programs on which
the Company is sole source qualified, was originally announced in
December of 2018. The expansion, which consists of approximately
90,000 square feet of additional manufacturing, laboratory and
office space, approximately doubled the size of the preexisting
footprint of the Company’s Newton, Kansas facilities. The expansion
cost approximately $20 million.
Brian Shore, Park’s Chairman and CEO, said, “We
broke ground on our major expansion on August 15, 2019. It was a
typical windy and hot summer day in Kansas. I remember having to
hold down the tent as I was giving a little speech at the
groundbreaking event. Of course, when we broke ground, we had no
idea that the global pandemic was looming around the corner. The
pandemic posed its share of challenges in the construction of the
facility and the installation of the complex equipment contained in
the facility, no doubt. But, while many others were slashing their
capital spending or cancelling their capital projects altogether,
we pushed forward with all we had and completed our major expansion
project and never looked back.”
Brian Shore continued, “And there is more to
this story which should be told. Our Great Production People have
been working 60 hour or more weeks on a regular basis for quite a
while, and, as a result, did not have the additional bandwidth
required to staff the extensive manufacturing trials and
qualification runs necessary to qualify the facility’s complex new
equipment lines for the aerospace programs they are intended to
support. So, in order to avoid delays in the qualification of our
new facility and equipment, our Great R&D and Engineering
People stepped up and staffed the manufacturing trials and
qualification runs. They are staffing early production as well. And
I do not recall anybody asking our R&D and Engineering People
to do these things. They just did them. Thank you, R&D and
Engineering People, for your dedication and loyalty. We are very
fortunate at Park to have the wonderful People we have.”
Brian Shore concluded, “The qualification and
approval, by our largest customer, of our new redundant facility,
and the commencement of production in the new facility, are big
milestones for us. It has been a long and challenging road since we
broke ground on that hot and windy summer day in August of 2019.
Thanks to the dedication of our special Park People, that road has
been traversed and our new redundant facility is in
production.”
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
final development) and lightning strike protection 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 SigmaStrut™ and AlphaStrut™ 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.
Additional corporate information is available on
the Company’s web site at www.parkaerospace.com.
Contact: |
Donna D’Amico-Annitto |
|
486 North Oliver Road, Bldg. Z |
|
Newton, Kansas 67114 |
|
(316) 283-6500 |
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