COLUMBUS, Ohio, June 29, 2020 /PRNewswire/ -- The Board of
Directors of Core Molding Technologies, Inc. (NYSE American: CMT)
("Core Molding" or the "Company") has appointed Tom Cellitti to the position of Vice Chairman of
the Board of Directors.
Mr. Cellitti replaces James
Simonton who retired from the Board of Directors as of
June 15, 2020. Mr. Cellitti has
served as Vice Chairman of the Board of Directors for the Company
since December 2018. "Mr. Cellitti's extensive background in
the Company's largest industry, the North American truck and bus
market, his experience developing and executing complex strategic
plans, and his deep understanding of complex manufacturing,
financial management and leadership development has been invaluable
to the Company during his time as a director and was a key
contributor in the decision to elevate him to Chairman," said
David Duvall, President and Chief
Executive Officer.
Mr. Cellitti has been a director of the Company since
2000. Mr. Cellitti was previously appointed to the Vice
Chairman role in order to prepare for an orderly succession to the
Chairman role upon Mr. Simonton's planned retirement. Mr.
Cellitti's experience and dedicated service to the Company makes
him an ideal fit for the Chairman position. In this position
Mr. Cellitti will lead the Board directing the Company's strategic
direction and growth.
The Board of Directors appointed James
Crowley to replace Mr. Cellitti as Chairman of the
Nominating and Corporate Governance Committee and Matthew Jauchius to replace Mr. Crowley as
Chairman of the Audit Committee.
ABOUT CORE MOLDING TECHNOLOGIES, INC.
Core Molding Technologies and its subsidiaries operate in the
composites market as one operating segment as a molder of
thermoplastic and thermoset structural products. The Company's
operating segment consists of two component reporting units, Core
Traditional and Horizon Plastics. The Company offers customers a
wide range of manufacturing processes to fit various program volume
and investment requirements. These processes include compression
molding of sheet molding compound ("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 structural web injection molding ("SIM").
Core Molding Technologies serves a wide variety of markets,
including the medium and heavy-duty truck, marine, automotive,
agriculture, construction, and other commercial products. The
demand for Core Molding Technologies' products is affected by
economic conditions in the United
States, Mexico, and
Canada. Core Molding Technologies'
manufacturing operations have a significant fixed cost component.
Accordingly, during periods of changing demand, the profitability
of Core Molding Technologies' operations may change proportionately
more than revenues from operations.
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; the adverse
impact of coronavirus (COVID-19) global pandemic on our business,
results of operations, financial position, liquidity or cash flow,
as well as impact on customers and supply chains; 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; 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 Annual Report on Form 10-K for the year ended December 31, 2019.
Company Contact:
John Zimmer
Vice President & Chief Financial Officer
614-870-5604
jzimmer@coremt.com
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SOURCE Core Molding Technologies, Inc.