COLUMBUS, Ohio – September 9, 2014 – Core Molding Technologies, Inc. (NYSE MKT: CMT), a leading North American compounder of custom sheet molding compound (SMC) and molder of fiberglass reinforced plastics, today announced the availability of two new ultra-low density SMC formulations. The systems expand Core’s industry-leading offerings of ultra-low density SMC materials and molded composite products.
Core’s new, ultra-low density Mirilite ™ SMC has a nominal density of 1.2 sp.gr., and demonstrates automotive Class A surface performance. Under suitable molding conditions, Mirilite™ SMC can achieve an ALSA rating of 57-63, while weighing 37% less than traditional Class A SMC material systems. (ALSA, Advanced Laser Surface Analysis, is an industry-recognized standard for classifying the surface appearance of composites. An ALSA rating of 65 or lower indicates a Class A surface condition.) Mirilite™ SMC is intended for exterior applications in automobiles and heavy trucks, including hoods, door panels and trunk deck lids or other applications requiring high cosmetic appearances.
The company has also developed a lower-cost, ultra-low density SMC for utility applications that do not require premium surface appearance. Econolite™ SMC is a 1.18 sp.gr. system that evolved from the company’s highly-successful FeatherliteXL™ and Airilite® SMC systems. Econolite™ SMC is a less-expensive ultra-low density SMC that can find wide application in reinforcement structures and other components that do not require a high-appearance painted surface finish, but which benefit from a 38% reduction in weight compared to standard-density SMC materials.
The materials round out an industry-leading suite of ultra-low density SMC systems available from Core. “These two systems represent true advances in ultra-low density SMC formulations,” said Terry O’Donovan, vice president, marketing and sales for Core Molding Technologies. “Customers in the automotive and heavy truck industries are actively pursuing lightweighting initiatives and use composites in many exterior applications. Our Mirilite™ SMC gives designers in these and other industries a new material option for their Class A products,” O’Donovan said. “Traditionally, achieving ultra-low density performance in an SMC has always come with a cost penalty. Our Econolite™ SMC significantly reduces the economic impact of using a 1.18 sp.gr. material in general-purpose applications,” he said.
Evaluation plaques and material testing data for both Mirilite™ and Econolite™ SMC are available to qualified customers.
ABOUT CORE MOLDING TECHNOLOGIES, INC.
Core Molding Technologies, Inc. is a manufacturer of sheet molding compound (SMC) and molder of fiberglass reinforced plastics. Core specializes in large-format moldings and offers a wide range of fiberglass processes, including compression molding of SMC, glass mat thermoplastics (GMT) and bulk molding compounds (BMC); spray-up, lay-up, resin transfer (RTM) and vacuum resin transfer molding (V-RTM). Additionally, the company offers liquid molding of dicyclopentadiene (DCPD). Core serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction and other commercial products. Headquartered in Columbus, Ohio, Core maintains plants in Columbus and Batavia, Ohio; Gaffney, South Carolina and Matamoros, Mexico. For further information, visit the company’s website at www.coremt.com.
This press release contains certain forward-looking statements within the meaning of the federal securities laws. As a general matter, forward-looking statements are those focused upon future plans, objectives or performance as opposed to historical items and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Such forward-looking statements involve known and unknown risks and are subject to uncertainties and factors relating to Core Molding Technologies’ operations and business environment, all of which are difficult to predict and many of which are beyond Core Molding Technologies’ control. These uncertainties and factors could cause Core Molding Technologies’ actual results to differ materially from those matters expressed in or implied by such forward-looking statements.
Core Molding Technologies believes that the following factors, among others, could affect its future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements made in this report: business conditions in the plastics, transportation, marine and commercial product industries; federal and state regulations (including engine emission regulations); general economic, social and political environments in the countries in which Core Molding Technologies operates; safety and security conditions in Mexico; dependence upon certain major customers as the primary source of Core Molding Technologies’ sales revenues; efforts of Core Molding Technologies to expand its customer base; the actions of competitors, customers, and suppliers; failure of Core Molding Technologies’ suppliers to perform their obligations; the availability of raw materials; inflationary pressures; new technologies; regulatory matters; labor relations; the loss or inability of Core Molding Technologies to attract and retain key personnel; federal, state and local environmental laws and regulations; the availability of capital; the ability of Core Molding Technologies to provide on-time delivery to customers, which may require additional shipping expenses to ensure on-time delivery or otherwise result in late fees; risk of cancellation or rescheduling of orders; management’s decision to pursue new products or businesses which involve additional costs, risks or capital expenditures; and other risks identified from time-to-time in Core Molding Technologies’ other public documents on file with the Securities and Exchange Commission, including those described in Item 1A of the 2013 Annual Report to Shareholders on Form 10-K.