Core Molding Technologies Acquires Assets of Auto-Aftermarket Company

COLUMBUS, Ohio, Sept. 29 -- Core Molding Technologies, Inc. (AMEX:CMT) today announced that it has acquired substantially all the operating assets of Toledo, Ohio-based Keystone Restyling Products, Inc., a privately held manufacturer and distributor of fiberglass 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 molding composites (SMC) and molder of fiberglass reinforced plastics. The Company's processing capabilities include the compression molding of SMC, vacuum assisted resin infusion molding, spray up and hand lay up processes. The Company produces high quality fiberglass reinforced, molded products and SMC materials for varied markets, including medium and heavy-duty trucks, automobiles, personal watercraft and other commercial products. Core Molding Technologies, with its headquarters in Columbus, Ohio, operates plants in Columbus, Gaffney, South Carolina, and Matamoros, Mexico.