Core Molding Technologies Promotes Eric L. Palomaki to Chief Operating Officer
25 Mars 2024 - 1:00PM
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
ZimmerExecutive Vice President & Chief Financial
Officerjzimmer@coremt.com
Investor Relations Contact:
Three Part Advisors, LLCSandy Martin or Steven
Hooser214-616-2207
Core Molding Technologies (AMEX:CMT)
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