Business Description
Core Molding Technologies and its subsidiaries operate in the plastics market
in a family of products known as “reinforced plastics.” Reinforced
plastics are combinations of resins and reinforcing fibers (typically glass
or carbon) that are molded to shape. Core Molding Technologies is a manufacturer
of sheet molding compound ("SMC") and molder of fiberglass reinforced
plastics. The Company specializes in large-format moldings and offers a wide
range of fiberglass processes, including compression molding of SMC, glass mat
thermoplastics ("GMT"), bulk molding compounds ("BMC") and
D-LFT; spray-up, hand-lay-up, and resin transfer molding ("RTM").
Additionally, the Company offers reaction injection molding ("RIM"),
utilizing dicyclopentadiene technology.
Reinforced plastics compete largely against metals and have the strength to
function well during prolonged use. Management believes that reinforced plastic
components offer many advantages over metals, including:
•heat resistance;
•corrosion resistance;
•lighter weight;
•lower cost;
•greater flexibility in product design;
•part consolidation for multiple piece assemblies;
•lower initial tooling costs for lower volume applications;
•high strength-to-weight ratio; and
•dent-resistance in comparison to steel or aluminum.
The largest markets for reinforced plastics are transportation (automotive
and truck), agriculture, construction, marine, and industrial applications.
The Company currently operates five production facilities in Columbus, Ohio;
Batavia, Ohio; Gaffney, South Carolina; Winona, Minnesota; and Matamoros, Mexico,
which produce reinforced plastic products. Our manufacturing facilities utilize
various production processes; however, end products are similar and are not
unique to a facility or customer base.
Operating decision makers (officers of the Company) are headquartered in Columbus,
Ohio and oversee all manufacturing operations for all products as well as oversee
customer relationships with all customers. The Company supplies reinforced plastic
products to truck manufacturers, automotive suppliers, and manufacturers of
marine and other commercial products. In general, product growth and diversification
are achieved in several different ways: (1) resourcing of existing reinforced
plastic product from another supplier by an original equipment manufacturer
(“OEM”); (2) obtaining new reinforced plastic products through a
selection process in which an OEM solicits bids; (3) successful marketing of
reinforced plastic products for previously non-reinforced plastic applications;
(4) successful marketing of reinforced plastic products to OEMs outside of our
traditional markets; (5) development of new materials, technology and processes
to meet current or prospective customer requirements; and (6) acquiring an existing
business. The Companys efforts continue to be directed towards all six areas.
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