Core Molding Technologies Inc. has formed a new subsidiary with its own manufacturing site to support business outside its traditional heavy truck customer base. The Columbus, OH headquartered fiberglass reinforced plastics manufacturer and compounder of custom sheet molding compound (SMC) has launched Core Specialty Composites LLC in Warsaw, KY, with 62,000-sq-ft of leased manufacturing space.
Operations initially will include production of large-format parts using a customized fiberglass hand-lamination process. Staffing is underway, with active production planned to begin in early 2012. Fully staffed, Core Molding believes its Warsaw operation will employ approximately 40 people, with annual revenue for the new business projected to be $5 to $8 million.
Kevin Barnett, president and CEO of Core Molding Technologies, said in a release that for some time, his company has been focused on "growing our business with industries beyond our traditional heavy truck accounts," adding that the new business is the latest of "several successes" in that initiative.
Core will make a capital investment of approximately $1.7 million for equipment and technology to support the operation, with plans for a local job fair in Warsaw on Tuesday, August 30, 2011 at the Gallatin County Extension Office. Headquartered in Columbus, Core operates plants there and Batavia, OH; Gaffney, SC; and Matamoros, Mexico.
Core announced a $14 million plant expansion project for its Matamoros, Mexico site to support what it called, "capacity needs associated with new business and anticipated demand for existing products in 2012 and beyond." Additional molding capacity was scheduled to come on-line by the end of 2011, with the project slated for completion in the third quarter 2012.