COLUMBUS, OH — Core Molding Technologies has acquired substantially all the operating assets of Toledo, Ohio-based Keystone Restyling Products, a privately held manufacturer and distributor of fiberglass reinforced products for the automotive aftermarket. Keystone designs, manufactures and markets a variety of custom light truck aftermarket accessories, including: hoods, spoilers, air dams, bumper covers and roll pans.
Core Molding Technologies is a compounder of sheet molding composites (SMC) and molder of fiberglass reinforced plastics. 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. Headquartered in Columbus, Ohio, the company operates plants in Columbus, Gaffney, SC, and Matamoros, Mexico.
“We believe this acquisition represents an excellent addition for Core in support of our strategy to become an increasingly diversified molding company,” said James Simonton, president and CEO. “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. Keystone’s annual sales are approximately $3 million.
Terms of the transaction were not disclosed.
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