Core Molding Technologies nets auto composites contract with Volvo North America

The Columbus, Ohio-based SMC compounder and molder expects to realize up to $30 million in revenue annually, producing heavy-truck hoods, roofs and other molded parts.

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Core Molding Technologies Inc. (Columbus, Ohio), a North American molder of glass fiber-reinforced plastics and a compounder of custom sheet molding compound (SMC), announced March 21 that it has struck a large contract with Volvo Group North America LLC (Greensboro, N.C.). Core expects the new business to generate annual revenues of approximately $26 million to $30 million (USD) and anticipates revenues beginning late in the second quarter of 2013 with a production ramp-up through the fourth quarter of 2013.

Planning and staffing activities are underway as the company evaluates facilities that will produce hoods, roofs and other molded parts for Volvo's heavy-duty trucks. This new business is expected to employ as many as 140 additional people. Core also plans to make an additional capital investment of approximately $12.5 million during 2013 and 2014 for equipment and infrastructure to support this and other business.

"We continue to pursue growth opportunities both within and outside our traditional markets," said Kevin L. Barnett, Core's president and CEO. "This award furthers our standing as the leader in the supply of composite moldings and assemblies to the North American medium- and heavy-duty truck market," Barnett added.

Core Molding Technologies' molding activities include a specialty in large-format moldings. The company offers a wide range of fiberglass processes, including compression molding of SMC, glass mat thermoplastic (GMT) and bulk molding compound (BMC) as well as sprayup, layup, resin transfer (RTM) and vacuum-assisted resin transfer molding (VARTM). 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, and other commercial products markets. Core maintains plants in Columbus and Batavia, Ohio; Gaffney, South Carolina, and Matamoros, Mexico. For more information, visit the Core Molding Technologies Web site at www.coremt.com.