COLUMBUS, Ohio, March 31, 2021 /PRNewswire/ -- Core Molding
Technologies, Inc. (NYSE American: CMT) today announced that its
board of directors voted to accelerate the expiration of the
company's stockholder rights plan to March
31, 2021 to further enhance the company's corporate
governance profile. The stockholder rights plan was originally
scheduled to expire on April 20,
2021. Stockholders do not have to take any action as a result
of this accelerated termination.
The decision to accelerate the expiration of the stockholder
rights plan was the result of careful analysis including input from
corporate governance experts. The plan was adopted in April of 2020
to protect against any potential future use of coercive or abusive
takeover techniques and to help ensure that the Company's
stockholders were not deprived of the opportunity to realize the
full and fair value of their investment. In adopting the
plan, the Board had taken note of the unprecedented impact of the
COVID-19 pandemic on the Company, including in the Company's stock
price, the substantial increase in trading volume and market
volatility, and the significant impact the pandemic had across the
manufacturing industry. At the time of adoption of the plan
the Company's stock price was trading at approximately $2.90 per share. Shares currently trade at
approximately $11.75 per share, an
approximate 300% increase.
"The acceleration of the expiration of the stockholder rights
plan demonstrates the Board's commitment to best corporate
governance practices. Our decision incorporates valuable
shareholder feedback, while ensuring that we have appropriate
measures and policies in place to manage our business effectively,"
said David L. Duvall, president and
chief executive officer.
About Core Molding Technologies, Inc.
Core Molding Technologies is a manufacturer of sheet molding
compound ("SMC") and molder of thermoset and thermoplastic
products. The Company operates in one operating segment as a molder
of thermoplastic and thermoset (plastic) structural products. The
Company's operating segment consists of two component reporting
units, Core Traditional and Horizon Plastics. The Company produces
and sells molded products for varied markets, including medium and
heavy-duty trucks, automobiles, marine, 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, direct long-fiber thermoplastics
("D-LFT") and structural foam and structural web injection molding
("SIM"). Core Molding Technologies has its headquarters in
Columbus, Ohio, and operates
production facilities in Columbus,
Ohio; Gaffney, South
Minnesota; Matamoros and
Escobedo, Mexico; and Cobourg, Ontario, Canada. For further
information, visit the company's website at www.coremt.com.
Chief Financial Officer
SOURCE Core Molding Technologies, Inc.