COLUMBUS, Ohio, Oct. 4, 2018 /PRNewswire/ -- Core Molding
Technologies, Inc. (NYSE American: CMT) ("Core Molding" or the
"Company"), today announced that its Board of Directors has
appointed David L. Duvall as its new
President and Chief Executive Officer. Mr. Duvall will assume his
position effective October 22, 2018
and will become a member of the Company's Board of Directors.
James Simonton, Chairman of the
Board of Directors, said, "David
Duvall has an impressive track record of improving
manufacturing operations, growing revenues, building a strong and
effective culture, and executing on his objectives. We are
confident he will build on our company strengths and take us to the
next level of success."
The Company also announced that Kevin L.
Barnett, the current President and Chief Executive Officer,
will retire from Core Molding on October 22,
2018 and has resigned from its Board of Directors. "I
have had an amazing 21-year career at Core, building from a single
plant in Columbus to now seven
plants in North America, entering
new end-use markets, adding process capabilities, and more than
tripling the top line. I am excited for David Duvall as he takes the reins from here,"
said Mr. Barnett.
Mr. Duvall, 49, who earned bachelor's and master's degrees in
mechanical engineering from Purdue
University and Stanford
University, respectively, served most recently as the
President, Equipment & Tools Division, of Signode Industrial
Group, a subsidiary of Crown Holdings, Inc. (NYSE: CCK). Before
that he held leadership positions of increasing responsibility with
Danfoss, Ti Automotive, and Ford Motor Company. "I am thrilled to
take over the leadership of Core Molding. I look forward to hearing
from and meeting with our customers, employees, and suppliers in
the coming weeks," said Mr. Duvall.
ABOUT CORE MOLDING TECHNOLOGIES, INC.
Core Molding Technologies, Inc. is a manufacturer of sheet
molding compound (SMC) and molder of thermoset and thermoplastic
products. The Company produces high quality molded products,
assemblies and SMC materials for varied markets, including medium
and heavy-duty trucks, automotive, marine, home improvement, water
management, agriculture, construction and other commercial markets.
The Company offers customers a wide range of manufacturing
processes to fit various program volume and investment
requirements. These processes include compression molding of SMC,
bulk molding compounds (BMC), resin transfer molding (RTM), liquid
molding of dicyclopentadiene (DCPD), spray-up and hand-lay-up,
glass mat thermoplastics (GMT), direct long-fiber thermoplastics
(D-LFT) and structural foam and web injection molding. Core Molding
Technologies has its headquarters in Columbus, Ohio, and operates production
facilities in Columbus and
Batavia, Ohio; Gaffney, South Carolina; Winona, Minnesota; Matamoros and Escobedo, Mexico; and Cobourg, Ontario, Canada. For further
information, visit the company's website at www.coremt.com.
This press release may contain 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. Words such as "may," "will,"
"could," "would," "should," "anticipate," "predict," "potential,"
"continue," "expect," "intend," "plans," "projects," "believes,"
"estimates," "encouraged," "confident" and similar expressions are
used to identify these forward-looking statements. 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 (including changes in demand for truck
production); federal and state regulations (including engine
emission regulations); general economic, social, regulatory
(including foreign trade policy) and political environments in the
countries in which Core Molding Technologies operates; safety and
security conditions in Mexico and
Canada; 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 ability to develop new and innovative products
and to diversify markets, materials and processes and increase
operational enhancements; 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; labor availability; the loss or inability of Core
Molding Technologies to attract and retain key personnel; the
Company's ability to successfully identify, evaluate and manage
potential acquisitions and to benefit from and properly integrate
any completed acquisitions, including the recent acquisition of
Horizon Plastics; the risk that the integration of Horizon Plastics
may be more difficult, time-consuming or costly than expected;
expected revenue synergies and cost savings from acquisition of
Horizon Plastics may not be fully realized within the expected
timeframe; revenues following the acquisition of Horizon Plastics
may be lower than expected; customer and employee relationships and
business operations may be disrupted by the acquisition of Horizon
Plastics; 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 and other customer
charges; risk of cancellation or rescheduling of orders;
management's decision to pursue new products or businesses which
involve additional costs, risks or capital expenditures; inadequate
insurance coverage to protect against potential hazards; equipment
and machinery failure; product liability and warranty claims; 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 2017 Annual Report on Form 10-K.
Company
Contact:
John
Zimmer
Vice President &
Chief Financial Officer
614-870-5604
jzimmer@coremt.com
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SOURCE Core Molding Technologies, Inc.