COLUMBUS, OHIO — Core Molding Technologies Inc. plans to invest $12.5 million in capital equipment at its North American facilities to allow it to meet a new contract with a commercial truck maker.
Core, based in Columbus, Ohio, said in a March 21 news release that the new business from Volvo Group North America LLC is worth $26 million to $30 million in new production annually. Manufacturing will ramp up by the end of this year.
Core is a maker of sheet molding compound and fiberglass reinforced plastics, specializing in large parts using compression molding, vacuum resin transfer molding, resin transfer molding and other production. The Volvo contract will cover production of hoods, roofs and other key parts.
The company also expects to hire 140 people as part of its production increase.
It is currently evaluating its existing facilities to determine how it will deploy the new business and new capital. It has plants in Columbus and Batavia, Ohio, Gaffney, S.C. and Matamoros, Mexico.