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OMB APPROVAL
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OMB number 3235-0145
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934 (Amendment No._______)*
Park Electrochemical Corp.
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(Name of Issuer)
Commonstock**
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(Title Of Class of Securities)
700416209
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(CUSIP Number)
Check the following box if a fee is being paid with this statement. (A fee is
not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
- ----------------------
**The amount reflected in Item 9 of the cover pages reflects common
stock issuable upon conversion of 7 1/4% debentures due 2006 (the "Debentures")
(CUSIP 700416AA8). Merrill Lynch & Co., Inc. beneficially owns no shares of
commonstock and may be deemed to beneficially own $6,248,000 aggregate principal
amount of Debentures.
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CUSIP NO. 700416209 13G Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Merrill Lynch & Co., Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Joint Filing
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY
EACH ----------------------------------------------------------
REPORTING 6 SHARED VOTING POWER
PERSON WITH
301,835
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7 SOLE DISPOSITIVE POWER
None
----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
301,835
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
301,835
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.3%
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12 TYPE OF REPORTING PERSON*
HC, CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP NO. 700416209 13G Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Merrill Lynch Group, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Joint Filing
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY ----------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 301,835
----------------------------------------------------------
7 SOLE DISPOSITIVE POWER
None
----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
301,835
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
301,835
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.3%
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12 TYPE OF REPORTING PERSON*
HC, CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP NO. 700416209 13G Page 4 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Princeton Services, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Joint Filing
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY ----------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 301,835
----------------------------------------------------------
7 SOLE DISPOSITIVE POWER
None
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8 SHARED DISPOSITIVE POWER
301,835
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
301,835
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
HC, CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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SCHEDULE 13G
Item 1 (a) Name of Issuer:
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Park Electrochemical Corp.
Item 1 (b) Address of Issuer's Principal Executive Offices:
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5 Dakota Drive
Lake Success, NY 11042
Item 2 (a) Names of Persons Filing:
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Merrill Lynch & Co., Inc.
Merrill Lynch Group, Inc.
Princeton Services, Inc.
Item 2 (b) Address of Principal Business Office, or, if None, Residence:
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Merrill Lynch & Co., Inc.
World Financial Center, North Tower
250 Vesey Street
New York, New York 10281
Merrill Lynch Group, Inc.
World Financial Center, North Tower
250 Vesey Street
New York, New York 10281
Princeton Services, Inc.
800 Scudders Mill Road
Plainsboro, New Jersey 08536
Page 5 of 9 pages
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Item 2 (c) Citizenship:
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See Item 4 of Cover Pages
Item 2 (d) Title of Class of Securities:
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Common Stock
Item 2 (e) CUSIP Number:
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700416209
Item 3
Merrill Lynch & Co., Inc. ("ML&Co."), Merrill Lynch Group, Inc. ("ML
Group") and Princeton Services, Inc. ("PSI") are parent holding companies, in
accordance with (S) 240.13d-1(b)(ii)(G).
Item 4 Ownership
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(a) Amount Beneficially Owned:
See Item 9 of Cover Pages. Pursuant to (S) 240.13d-4, ML&Co., ML Group
and PSI (the "Reporting Persons") disclaim beneficial ownership of the
securities of Park Electrochemical Corp. (the "Issuer") referred to herein, and
the filing of this Schedule 13G shall not be construed as an admission that the
Reporting Persons are, for the purposes of Section 13(d) or 13(g) of the
Securities Exchange Act of 1934 (the "Act"), the beneficial owner of any
securities of the Issuer] covered by this statement.
(b) Percent of Class:
See Item 11 of Cover Pages
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
See Item 5 of Cover Pages
(ii) shared power to vote or to direct the vote:
See Item 6 of Cover Pages
(iii)sole power to dispose or to direct the disposition of:
See Item 7 of Cover Pages
(iv) shared power to dispose or to direct the disposition of:
See Item 8 of Cover Pages
Page 6 of 9 Pages
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Item 5 Ownership of Five Percent or Less of a Class.
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Not Applicable
Item 6 Ownership of More than Five Percent on Behalf of Another
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Person.
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PSI is the general partner of two investment advisers registered under
Section 203 of the Investment Advisers Act of 1940, which act as investment
advisers to investment companies regisered under Section 8 of the Investment
Company Act of 1940 that hold the reported securities. With respect to
securities held by those investment companies, several persons have the right to
receive, or the power to direct the receipt of dividends from, or the proceeds
from the sale of, such securities. No such person's interest relates to more
than 5% of the class of securities reported herein.
Item 7 Identification and Classification of the Subsidiary Which
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Acquired the Security Being Reported on by the Parent Holding
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Company.
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See Exhibit A
Item 8 Identification and Classification of Members of the Group.
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Not Applicable
Item 9 Notice of Dissolution of Group.
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Not Applicable
Page 7 of 9 Pages
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Item 10 Certification.
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By signing below each of the undersigned certifies that, to the best of
their knowledge and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the purpose of and do
not have the effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in any
transaction having such purposes or effect.
Signature.
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After reasonable inquiry and to the best of my knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: February 14, 1994 Merrill Lynch & Co., Inc.
---------------------------------
Name: David L. Dick
Title: Assistant Secretary
Merrill Lynch Group, Inc.
---------------------------------
Name: David L. Dick
Title: Secretary
Princeton Services, Inc.
---------------------------------
Name: David L. Dick
Title: Attorney-in-Fact*
________________
* Signed pursuant to a power of attorney, dated February 10, 1994, included as
an exhibit to Schedule 13G filed with the Securities and Exchange Commission by
Merrill Lynch & Co., Inc., et. al. on February 14, 1994 with respect to Dial
REIT Inc.
Page 8 of 9 Pages
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Exhibit A to Schedule 13G
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ITEM 7 DISCLOSURE RESPECTING SUBSIDIARIES
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The persons filing this report, Merrill Lynch & Co., Inc., a Delaware
corporation with its principal place of business at World Financial Center,
North Tower, 250 Vesey Street, New York, New York ("ML&Co."), Merrill Lynch
Group, Inc., a Delaware corporation with its principal place of business at
World Financial Center, North Tower, 250 Vesey, New York, New York ("ML Group"),
and Princeton Services, Inc., a Delaware corporation with its principal place of
business at 800 Scudders Mill Road, Plainsboro, New Jersey, are holding
companies in accordance with (S) 240.13d-1(b)(1)(ii)(G). The relevant
subsidiaries are set forth below.
ML Group, a wholly-owned direct subsidiary of ML&Co., may be deemed to
be the beneficial owner of 6.3% of the securities of Park Chemical Corp. (the
"Issuer") by virtue of its control of its wholly-owned subsidiary, PSI.
PSI, a wholly-owned direct subsidiary of ML Group, may be deemed to be
the beneficial owner of 6.3% of the securities of the Issuer Corporation by
virtue of its control, as general partner of Merrill Lynch Asset Management,
L.P. (d/b/a Merrill Lynch Asset Mnaagment) ("MLAM") and Fund Asset Management,
L.P. ("FAM").
MLAM, a Delaware limited partnership with its principal place of
business at 800 Scudders Mill Road, Plainsboro, New Jersey, is an investment
adviser registered under Section 203 of the Investment Advisers Act of 1940.
MLAM may be deemed the beneficial owner of 2.4% of the common stock outstanding
of the Issuer as a result of acting as investment adviser to an investment
company registered under Section 8 of the Investment Company Act of 1940 that
may be deemed to beneficially own such common stock.
FAM, a Delaware limited partnership with its principal place of business
at 800 Scudders Mill Road, Plainsboro, New Jersey, is an investment adviser
registered under Section 203 of the Investment Advisers Act of 1940. FAM may be
deemed the beneficial owner of 3.9% of the common stock outstanding of the
Issuer as a result of acting as investment adviser to an investment company
registered under Section 8 of the Investment Company Act of 1940 that may be
deemed to benefically own such common stock.
Pursuant to (S) 240.13d-4, ML&Co., ML Group, PSI, MLAM, and FAM disclaim
beneficial ownership of the securities of the Company, and the filing of this
Schedule 13G shall not be construed as an admission that any such entity is, for
the purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any
securities of the Issuer.
Page 9 of 9 Pages
