COLUMBUS, Ohio – March 19, 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 (FRP), today announced it had completed production of its 2 millionth truck hood. Recognition events were held at each of Core’s four manufacturing facilities to celebrate the achievement.
Since its inception as an independent company in 1997, Core has produced hood assemblies for the medium-duty and heavy-duty truck industry, supplying all four major heavy truck original equipment manufacturers (OEMs). “No one in the industry comes close to matching Core’s experience in the manufacturing of hoods for the commercial truck industry,” said Kevin L. Barnett, President and Chief Executive Officer of Core. “Reaching this significant milestone of producing 2 million truck hoods is the strongest indicator of our expertise in this area, and testimony to the confidence our customers have in our capabilities,” he added.
“We are currently active on 32 separate hood programs, across seven truck brands, producing approximately 150,000 truck hoods per year,” said Terrence J. O’Donovan, Vice President, Marketing and Sales for Core. “We produce truck hoods in a wide range of fiber-reinforced plastics processes, from low-volume spray-up processes appropriate for specialty vehicles and aftermarket requirements, through the highest-volume compression molding of SMC,” he continued. Since 1997, approximately 6 million commercial trucks have been produced in North America. “To have supplied one-third of the hoods for those vehicles is quite an accomplishment for one manufacturer,” O’Donovan said.
Almost all commercial truck hoods today are produced from fiberglass reinforced plastics. Production involves the tooling and molding of individual components, and a complex assembly process that depends on significant engineering and manufacturing knowledge to bring all the components together into a functional assembly. Manufacturers are also responsible for preparing the hoods for final painting by the commercial truck OEMs.
Core is the largest supplier of composite moldings and assemblies to the North American heavy truck industry. The company produces truck hoods at its plants in Columbus and Batavia, Ohio; Gaffney, South Carolina. and Matamoros, Mexico.
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 2012 Annual Report to Shareholders on Form 10-K.