Core Molding Technologies Promotes Eric L. Palomaki to Chief Operating Officer

Rhea-AI Summary

Core Molding Technologies, Inc. (CMT) appoints Eric L. Palomaki as Chief Operating Officer to drive operational excellence and accelerate growth. Palomaki's extensive experience and proven track record position him well for success in his new role, enhancing the company's strategic initiatives and operational efficiency.

COLUMBUS, Ohio, March 25, 2024 (GLOBE NEWSWIRE) -- Core Molding Technologies, Inc. (NYSE American: CMT) (“Core Molding,” “Core” or the “Company”), announced today that Eric L. Palomaki has been promoted to Chief Operating Officer (“COO”).

In his new role as COO, Mr. Palomaki will assume responsibility for the procurement function within Core Molding along with his current responsibilities of leading the company's day-to-day operations, driving operational excellence, program management, growing the research and development program, and implementing strategic initiatives to accelerate growth further and enhance operational efficiency.

Mr. Palomaki brings a wealth of experience and expertise to this role, having demonstrated exceptional leadership and developing a deep understanding of our industry throughout his six-year tenure at Core Molding Technologies. With a proven track record of success in operations, project management and technology development, Mr. Palomaki is well-equipped to lead our operational efforts and support the Company's continued success.

"I am pleased to announce Eric Palomaki's promotion to Chief Operating Officer," said David Duvall, President and Chief Executive Officer. "His accomplishments, dedication, strategic vision, and strong leadership have been vital to our Company’s transformation, and we are confident that he will excel in this new role as we continue to drive growth and innovation."

"It has been an exciting six years at Core, and I am honored to take on this new role and privileged to work with such a talented team to drive operational excellence and deliver value to our customers," said Eric L. Palomaki. "I look forward to contributing to the continued success and growth of Core Molding Technologies as we embark on this next chapter together."

Eric L. Palomaki joined the company in September 2018, as Vice President of Operations. Mr. Palomaki was promoted to Executive Vice President of Operations, Research and Development in November, 2020. Prior to joining Core, Mr. Palomaki was the Vice President of Advanced Manufacturing Engineering from 2013 to 2017 at Acuity Brands Lighting, a commercial lighting company with 12,000 employees generating $3.5 billion annually.

About Core Molding Technologies, Inc.

Core Molding Technologies is a leading engineered materials company specializing in molded structural products, principally in building products, utilities, transportation and powersports industries across North America. The Company operates in one operating segment as a molder of thermoplastic and thermoset structural products. The Company’s operating segment consists of one reporting unit, Core Molding Technologies. The Company offers customers a wide range of manufacturing processes to fit various program volume and investment requirements. These thermoset processes include compression molding of sheet molding compound (“SMC”), resin transfer molding (“RTM”), liquid molding of dicyclopentadiene (“DCPD”), spray-up and hand-lay-up. The thermoplastic processes include direct long-fiber thermoplastics (“DLFT”) and structural foam and structural web injection molding. Core Molding Technologies serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction, and other commercial products. The demand for Core Molding Technologies’ products is affected by economic conditions in the United States, Mexico, and Canada. Core Molding Technologies’ operations may change proportionately more than revenues from operations. For more information, please refer to the Company’s website at coremt.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results and the future of the Company’s end markets. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: general macroeconomic, social, regulatory and political conditions, including uncertainties surrounding volatility in financial markets; the short-term and long-term impact of the coronavirus (COVID-19) pandemic, or other pandemics in the future, on our business; changes in the plastics, transportation, marine and commercial product industries; efforts of the Company to expand its customer base and develop new products to diversify markets, materials and processes and increase operational enhancements; the Company’s initiatives to quote and execute manufacturing processes for new business, acquire raw materials, address inflationary pressures, regulatory matters and labor relations; and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.

Company Contact:

Core Molding Technologies, Inc.
John Zimmer
Executive Vice President & Chief Financial Officer
jzimmer@coremt.com

Investor Relations Contact:

Three Part Advisors, LLC
Sandy Martin or Steven Hooser
214-616-2207

FAQ

Who has been promoted to Chief Operating Officer at Core Molding Technologies, Inc.?

Eric L. Palomaki has been promoted to Chief Operating Officer at Core Molding Technologies, Inc.

What will Eric L. Palomaki's responsibilities be as the Chief Operating Officer?

Eric L. Palomaki will assume responsibility for the procurement function within Core Molding Technologies, lead the company's day-to-day operations, drive operational excellence, manage programs, grow the research and development program, and implement strategic initiatives to accelerate growth and enhance operational efficiency.

What is Eric L. Palomaki's background and experience?

Eric L. Palomaki joined Core Molding Technologies in September 2018 as Vice President of Operations and was later promoted to Executive Vice President of Operations, Research, and Development. Prior to that, he served as the Vice President of Advanced Manufacturing Engineering at Acuity Brands Lighting.

What is the significance of Eric L. Palomaki's promotion?

Eric L. Palomaki's promotion to Chief Operating Officer is crucial for Core Molding Technologies as it signifies the company's commitment to driving growth, innovation, and operational excellence under his leadership.

How long has Eric L. Palomaki been with Core Molding Technologies?

Eric L. Palomaki has been with Core Molding Technologies since September 2018, initially as Vice President of Operations and later as Executive Vice President of Operations, Research, and Development.