Topeka, KAN – Park Aerospace Technologies Corp. announced today that it will be undergoing a massive expansion in Kansas.
At a special joint meeting Monday, the Newton City Commission and Harvey County Commission approved a development agreement with Park for a $19 million expansion.
The expansion will allow Park to double its number of employees, with plans to go from the current 73 employees to 146 in the next five years. The company intends to build a new 90,000 square-foot facility in order to accommodate the increased workforce, as well as to create more production space.
“This is a company that has been doing business successfully in Kansas for many years, and we at the Department of Commerce couldn’t be happier to hear that they’re expanding,” said Robert North, Interim Secretary for the Kansas Department of Commerce. “Kansas will continue to be a great place for Park Aerospace Technology Corporation and its employees. Instances like this, where companies are able to grow and thrive in Kansas, are exactly what we like to see.”
As part of the agreement, the City declared a good-faith intention to grant a 10-year, 100 percent tax abatement on the new facility. The land will be leased to the company, with lease payments waived for the first 10 years. The City also agreed to build the new drive entrance on the south side of the new facility, with the cost to be shared between the City and County. The City also will waive building permit fees and utility hookup fees for the new facility.
Melville, New York-based Park Electrochemical develops and manufactures advanced composite materials for the aerospace industry. Park’s principal manufacturing site has operated at the Newton City/County Airport since 2008. It also runs a satellite facility in Singapore.
Additional information about the company is available at www.parkelectro.com.