COLUMBUS, Ohio – October 9, 2013 – 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 that production of its proprietary low-density Featherlite® SMC has reached 10,000,000 pounds, a milestone for a reduced density SMC material. The success of this product has prompted a second-generation advancement to be developed, also released today, which the company is branding FeatherliteXL™ SMC.
“In little more than two years, we have seen our innovative, low-density Featherlite® SMC progress from the laboratory, to solid commercial acceptance, to rapidly reaching this production milestone,” said Terry O’Donovan, Vice President, Marketing and Sales for Core Molding Technologies. “The Featherlite® material system blends good mechanical performance with high surface quality, all in a density package that, at 1.43 sp.gr., is 25 percent lower than standard SMC formulations,” he added.
Featherlite® SMC is in active use in the automotive, heavy truck and personal watercraft markets.
Capitalizing on the knowledge gained from the company’s recently-announced Airilite™ SMC development, Core has reformulated its Featherlite® system into a second-generation product. The new FeatherliteXL™ SMC offers the same density and mechanical strength as its predecessor material. However, Core has been able to improve the resin-to-glass strength of the system, by adopting technology developed with the Airilite™ SMC research. The company expects many of its current Featherlite® applications will adopt the new FeatherliteXL™ improvements.
All three low-density material systems are intended for use primarily by Core in products the company molds for its customers, and in limited circumstances, as raw SMC sold to external molders. Test plaques 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 2012 Annual Report to Shareholders on Form 10-K.