COLUMBUS, Ohio, April 16, 2024 (GLOBE NEWSWIRE) — Core Molding Technologies, Inc. (NYSE American: CMT) (“Core Molding,” “Core” or the “Company”) announced it was presented with BRP’s Gold Supplier Award based on excellence in quality, manufacturing, and logistics related to its Sea-Doo boat and personal watercraft models.
BRP awards the Gold Supplier Award to suppliers that have provided excellent customer service and technical support. The award is based on several criteria: on-time deliveries, quality, zero line stoppages, zero retrofits, and zero warranty concerns. A team of BRP executives chooses a recipient who exemplifies excellence in quality, manufacturing, and logistics. The award recognizes the supplier’s ability to help their customers succeed.
“We are excited and honored to be awarded a BRP Gold Supplier Award,” said President and Chief Executive Officer Dave Duvall. “This is a great example of how we partner with customers to create highly engineered, proprietary parts for the power sports industry that truly delight their customers. Our team uses Core’s expertise and breadth of resins, presses, and processes to design and build new products that are lightweight, durable, low cost, corrosion resistant, often recyclable, and valuable to diverse end markets,” Duvall concluded.
“We are honored to receive this award from BRP,” said Chief Operating Officer Eric L. Palomaki. “I am proud of our team, which worked incredibly hard to beat the customer’s 50ppm target and deliver great-quality parts. Core Molding Technologies is proud to be a premier ‘Gold’ supplier to an innovative and progressive power sports company like BRP,” Palomaki concluded.
About Core Molding Technologies, Inc.
Core Molding Technologies is a leading engineered materials company specializing in molded structural products, principally in building products, utilities, transportation and powersports industries across North America. The Company operates in one operating segment as a molder of thermoplastic and thermoset structural products. The Company’s operating segment consists of one reporting unit, Core Molding Technologies. The Company offers customers a wide range of manufacturing processes to fit various program volume and investment requirements. These thermoset processes include compression molding of sheet molding compound (“SMC”), resin transfer molding (“RTM”), liquid molding of dicyclopentadiene (“DCPD”), spray-up and hand-lay-up. The thermoplastic processes include direct long-fiber thermoplastics (“DLFT”) and structural foam and structural web injection molding. 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’ operations may change proportionately more than revenues from operations. For more information, please refer to the Company’s website at www.coremt.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results and the future of the Company’s end markets. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: general macroeconomic, social, regulatory and political conditions, including uncertainties surrounding volatility in financial markets; the short-term and long-term impact of the coronavirus (COVID-19) pandemic, or other pandemics in the future, on our business; changes in the plastics, transportation, marine and commercial product industries; efforts of the Company to expand its customer base and develop new products to diversify markets, materials and processes and increase operational enhancements; the Company’s initiatives to quote and execute manufacturing processes for new business, acquire raw materials, address inflationary pressures, regulatory matters and labor relations; and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
Company Contact:
Core Molding Technologies, Inc.
John Zimmer
Executive Vice President & Chief Financial Officer
jzimmer@coremt.com
Investor Relations Contact:
Three Part Advisors, LLC
Sandy Martin or Steven Hooser
214-616-2207
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