Core Molding Technologies, Inc., together with its subsidiaries, operates as a molder of thermoplastic and thermoset structural products. The company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products and other industrial markets.
The company achieves product growth and diversification in several different ways, including: resourcing of existing structural products from another supplier by an original equipment manufact...
Core Molding Technologies, Inc., together with its subsidiaries, operates as a molder of thermoplastic and thermoset structural products. The company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products and other industrial markets.
The company achieves product growth and diversification in several different ways, including: resourcing of existing structural products from another supplier by an original equipment manufacturer (‘OEM’); obtaining new structural products through a selection process in which an OEM solicits bids; successful marketing of structural products for previously non-structural applications; converting alternative materials to engineered materials; successful marketing of structural products to OEMs outside of its traditional markets; developing of new materials, technology and processes to meet or prospective customer requirements; and acquiring an existing business.
Products
Structural plastics compete largely against metals and has the strength to function well during prolonged use.
Sheet Molding Compound (‘SMC’)
SMC is primarily a combination of resins, fiberglass, fillers, and catalysts compounded and cured in sheet form, which is then used to manufacture compression-molded products, as discussed below. The company incorporates a sophisticated computer program in the process of compounding various complex SMC formulations tailored to meet customer needs. The program provides for the control of information during various production processes and data for statistical batch controls. The company also sells SMC to other molders.
Molded Products
The company manufactures structural products using compression molding (54 presses), resin transfer molding (4 presses), and injection molding processes (24 presses). As of December 31, 2024, the company owned 82 molding presses including 19 in its Columbus, Ohio facility; 24 in its Matamoros, Mexico facility; 18 in its Cobourg, Canada facility; 10 in its Gaffney, South Carolina facility; 5 in its Winona, Minnesota facility; and 6 in its Escobedo, Mexico facility. The company's molding presses range in size from 250 to 5,500 tons.
SMC compression molding is a process whereby SMC is molded to form by matched die steel molds through which a combination of heat and pressure are applied via a molding press. Outer components and high strength reinforcing components are fabricated with this process. Visually appealing components are produced with vacuum assisted molding and through utilizing in-mold coating (IMC). IMC can provide an additional benefit of conductivity assisting in the process of post paint application along with reducing porosity and improving surface appearance. This thermoset process produces high quality, dimensionally consistent products and is typically used for high volume products.
Direct Long Fiber Thermoplastic (‘DLFT’) compression molding employs two molds, typically a core and a cavity, similar to matched die SMC molding. This is a process for compounding and molding thermoplastic materials with ‘long’ fibers (typically, 0.5 inch or longer). Engineered thermoplastic pellets and performance additives are compounded in a screw extruder, to which chopped reinforcements (typically, glass fibers) are added and further extruded. A ‘charge’ of material is cut to a precise weight, and this ‘charge’ is directly moved to a compression or injection transfer process, where it is molded into a finished part. The process allows for direct processing of the compounded material, bypassing the expense and delay of producing an intermediate product (pellets or sheets) as is used in other fiber-reinforced thermoplastic molding processes. The D-LFT process is an attractive option for products that has highly complex geometry, require high strength and stiffness, and benefit from the recyclability of a thermoplastic resin.
Vacuum resin transfer compression molding (‘RTM’) process employs two mold halves, typically a core and a cavity, similar to matched die molding. The composite is produced by placing glass mat, chopped strand, or continuous strand fiberglass in the mold cavity in the desired pattern. Parts used for cosmetic purposes typically has a gel coat applied to the mold surface. The core mold is then fitted to the cavity, and upon a satisfactory seal, a vacuum is applied. When the proper vacuum is achieved, the resin is injected into the mold to fill the part. Finally, the part is allowed to cure and is then removed from the mold and trimmed to shape. Fiberglass reinforced products produced from the RTM process exhibit a high-quality surface on both sides of the part and excellent part thickness. The multiple insert tooling technique can be utilized in the RTM process to improve throughput based upon volume requirements.
Structural Foam and Web Injection Molding (‘SIM’) are low-pressure injection molding processes that develop high-strength, rigid parts at low weight. This is accomplished by mixing a foaming agent (usually nitrogen gas) with the melted polymer (structural foam process), or by injecting nitrogen gas into the mold cavity immediately after the plastic resin is injected (structural web molding). Structural foam produces a cellular interior structure that can provide twice the rigidity of a solid plastic molding. The structural web process pushes the plastic out to the mold cavity walls, uniformly packing out the entire mold and hollowing out thicker sections to create products of varying wall thicknesses. As a result, structural web molded parts have a smoother, glossier finish than other low-pressure parts. Both processes give part designers flexibility when designing products that need strength and stiffness at low weight and has the benefit of recyclability due to the use of a thermoplastic resin.
Reaction Injection Molding (‘RIM’) is a process whereby a composite is produced through the injection of a two- component thermoset resin system utilizing dicyclopentadiene (‘DCPD’) technology. DCPD technology involves injecting a liquid compound into matched die aluminum molds to form the part. In this process the mold is prepared, closed and the liquid compound is injected into the tool then cured. Additional finishing is required when the part is designated for topcoat painting. The RIM process is an alternative to other closed mold processes for mid-volume parts that require a high level of impact resistance.
Hand Lay-Up is a process that utilizes a shell mold, typically the cavity, where glass cloth, either chopped strand or continuous strand glass mat, is introduced into the cavity. Resin is then applied to the cloth and rolled out to achieve a uniform wet-out from the glass and to remove any trapped air. The part is then allowed to cure and is removed from the mold. After removal, the part typically undergoes trimming to achieve the shape desired. Parts used for cosmetic purposes typically has a gel coat applied to the mold surface prior to the lay-up to improve the surface quality of the finished part. Parts produced from this process has a smooth outer surface and an unfinished or rough interior surface. These fiberglass-reinforced products are typically non-cosmetic components or structural reinforcements that are sold externally or used internally as components of larger assemblies.
Spray-Up is a process that utilizes the same type of shell mold as hand-lay-up, but instead of using glass cloth to produce the composite part, a chopper/spray system is employed. Glass rovings and resin feed the chopper/spray gun. The resin coated, chopped glass is sprayed into the mold to the desired thickness. The resin coated glass in the mold is then rolled out to ensure complete wet-out and to remove any trapped air. The part is then allowed to cure, is removed from the mold, and is then trimmed to the desired shape. Parts used for cosmetic purposes typically has a gel coat applied to the mold surface prior to the resin-coated glass being sprayed into the mold to improve the surface quality of the finished part. Parts produced from this process has a smooth outer surface and an unfinished or rough interior surface.
Assembly, Machining, and Paint Products
Many of the products molded by the company is assembled, machined, and prime painted or topcoat painted to result in a finished product used by its customers.
The company has demonstrated manufacturing flexibility that accommodates a range of low volume hand assembly and machining work, to high volume, highly automated assembly and machining systems. Robotics are used as deemed productive for material handling, machining, and adhesive applications. In addition to conventional machining methods, waterjet cutting technology is also used where appropriate. The company also utilizes paint booths and batch ovens in its facilities. The company generally contracts with outside providers for higher volume programs that require topcoat paint.
Major Customers
The company had five major customers during the years ended December 31, 2024, BRP, Inc. (‘BRP’), International Motors, LLC (‘International’), PACCAR, Inc. (‘PACCAR’), Volvo Group North America, LLC (‘Volvo’) and Yamaha Motor Corporation (‘Yamaha’).
BRP provides a portfolio of industry-leading products comprising of snowmobiles, watercraft, on and off-road vehicles, power sports propulsion systems, as well as engines for karts, motorcycles and recreational aircraft. Yamaha offers a diverse portfolio of products, including motorcycles, watercraft, outboard motors, ATVs, side-by-side vehicles, musical instruments, and audio solutions, all designed to deliver exceptional performance and innovation across land, water, and sound. Demand for these products is driven by consumer demand and general economic conditions.
Other Customers
The company also produces products for other customers and industries, including medium and heavy-duty trucks, power sports, building products, industrial and utilities and other commercial markets.
Seasonality
The company's business is affected annually by the production schedules of its customers. Certain of the company's customers typically shut down their operations on an annual basis for a period of one to several weeks during its third quarter. Certain customers also typically shut down their operations during the last week of December. As a result, demand for the company's products typically decreases during the third and fourth quarters. Demand for medium and heavy-duty trucks, power sports, automotive, and commercial products also fluctuates on an economic, cyclical and seasonal basis, causing a corresponding fluctuation for demand of the company's products (for the year ended December 2024).
Competitors
The company faces competition from a number of other molders, including most significantly, Molded Fiber Glass Companies, Teijin, Ashley Industrial Molding, Rene Materiaux Composite Ltee (‘RMC’), STS Group, and 20/20 Custom Molded Plastics.
Research and Development
For the year ended December 31, 2024, the company’s research and development costs, which are expensed as incurred, totaled approximately $ 1.9 million.
History
The company was founded in 1996. The company was incorporated in 1996. The company was formerly known as Core Materials Corporation and changed its name to Core Molding Technologies, Inc. in 2002.
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