April 14, 2013
Core Molding Technologies, Inc., a molder of fiberglass reinforced plastics and compounder of custom sheet molding compound, will begin production for Volvo Group North America LLC.
Core expects the new business to generate annual revenues of approximately $26-$30 million and anticipates revenues beginning late in the second quarter and ramping up by the fourth quarter of 2013. Planning and staffing activities are underway as the company is evaluating facilities to produce these heavy duty truck hoods, roofs and other molded parts for Volvo.
This new business is expected to employ up to 140 additional people. Core plans to make an additional capital investment of approximately $12.5 million throughout 2013 and 2014 for equipment and infrastructure to support this and other business.
“We continue to pursue growth opportunities both within and outside our traditional markets,” said Kevin L. Barnett, President and Chief Executive Officer of Core Molding Technologies. “This award furthers our standing as the leader in the supply of composite moldings and assemblies to the North American medium and heavy-duty truck market,” Barnett added.
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, 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.