08 October 2004
08 October 2004
Core Molding Technologies, Inc. has acquired the operating assets of Keystone Restyling Products, Inc., a privately held manufacturer and distributor of fibreglass reinforced products for the automotive-aftermarket industry.
Keystone designs, manufactures and markets a variety of custom light truck aftermarket accessories, including: hoods, spoilers, air dams, bumper covers and roll pans.
""We believe this acquisition represents an excellent addition for Core in support of our strategy to become an increasingly diversified molding company,"" said James L. Simonton, president and chief executive officer. ""The appearance category of the automotive-aftermarket segment represents a strong consumer market that has historically posted annual growth rates of approximately 10 percent.""
Simonton said the Company does not expect to incur any new long-term debt in regards to this acquisition. He declined to disclose the purchase price, but noted that Keystone's annual sales are approximately $3 million.
Core Molding Technologies, Inc. is a compounder of sheet moulding composites (SMC) and moulder of fibreglass reinforced plastics. Core Molding Technologies, with its headquarters in Columbus, Ohio, operates plants in Columbus, Gaffney, South Carolina, and Matamoros, Mexico.
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