COLUMBUS, Ohio – August 26, 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 it has developed an ultra-low density SMC with high surface quality that offers advancements over its previous industry-leading low-density SMC.
Core’s new Airilite ™ brand of SMC has a nominal density of 1.18 sp.gr., 38 percent lower than the 1.9 sp.gr. density of industry standard SMC formulations. Airilite ™ is also 17 percent lower in density than Core’s Featherlite™ SMC, which has a nominal density of 1.43 sp.gr. and was introduced in February, 2011, after several years of development work.
“We know our customers are relentless in their desire for improved capability in composites, and especially for low density formulations that perform well,” commented Terry O’Donovan, Vice President, Marketing and Sales for Core Molding Technologies. “Our Featherlite™ system advanced the industry with the lowest density SMC available without the use of glass microspheres,” he continued. “As our customers strive to continuously reduce the weight of their products, we have responded by pushing the envelope again and creating a material that offers significant advantages to them. We now have two industry-leading, low-density SMC formulations to offer our customers as they design new products,” he concluded.
The new Airilite™ formulation offers outstanding toughness and is intended for high-impact applications. Airilite™ has been formulated for SMC applications demanding high surface quality. Additionally, Core has developed proprietary technology that improves the resin-to-glass bonding strength on a microstructural level by about 50 percent over Featherlite™, overcoming a performance tradeoff that can be associated with reduced-density SMC formulations.
Airilite™ SMC is expected to find wide application in the transportation and general industrial markets. The material is in advanced qualification for one application, and other opportunities are in development. Airilite™ will be in active production and available for shipment by the end of August, 2013. Test plaques are available now 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.