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Core Molding Technologies has completed the acquisition of Cincinnati Fiberglass Division, a Ohio-based, privately held manufacturer and distributor of fibreglass reinforced plastic components supplied primarily to the heavy-duty truck market.
“The CFG operation provides Core with greater geographical reach, additional moulding capacity and expanded process diversification with their open moulding and multiple insert tooling (MIT) resin transfer moulding processes,”” Simonton said. “”This acquisition supports our revenue growth strategy and the expansion of an important existing customer relationship within the heavy-duty truck industry.””
Simonton said the Company did not incur any new long-term debt in acquiring these assets. The company noted that CFG’s fiscal year 2004 annual sales were approximately $16 million, primarily in the heavy-duty truck market.
In a statement issued earlier in July, when the acquisition was first announced, Core Molding said that “”We believe the acquisition of the certain CFG assets and the supply and management agreement with its major customer will represent an excellent opportunity for Core,”” said James L. Simonton, president and chief executive officer. “”These agreements align with our revenue growth strategy and the expansion of an important existing customer relationship within the heavy-duty truck industry. The CFG operation also provides Core with greater geographical reach, additional moulding capacity and expanded process diversification with their open moulding and multiple insert tooling (MIT) resin transfer moulding processes.””
Headquartered in Ohio, Core Moulding Technologies, Inc. is a compounder of sheet moulding composites (SMC) and moulder of fibreglass reinforced plastics.
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