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Core Molding Technologies acquires Horizon Plastics International

Staff Report //January 17, 2018//

Core Molding Technologies acquires Horizon Plastics International

Staff Report //January 17, 2018//

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Core Molding Technologies, a manufacturer of sheet molding compound and fiberglass reinforced plastics, has acquired Horizon Plastics International Inc., a Canadian low-pressure structural plastic molder, for approximately $63 million.

Core Molding, headquartered in Columbus, Ohio, has seven manufacturing facilities across the United States, including an 111,000-square-foot facility in Gaffney focused on thermoset and thermoplastic compression molding.

Horizon Plastics is headquartered in Cobourg, Ontario, with about 250 employees between its manufacturing facilities in Ontario and Nuevo Leon, Mexico.

“HPI is a leader in structural foam and structural web molding and continues to innovate around these molding technologies,” said Kevin Barnett, president and CEO of Core Molding. “In addition to new technology offerings, the acquisition brings us existing programs with industry leading customers in several new markets, experienced leadership, a motivated and capable workforce, and expanded geographic reach.”

According to a news release, Core Modeling intends for Horizon Plastics operations to continue as usual, and there are no plans for significant restructuring or employee downsizing.

“As I looked to transition ownership of HPI, it was important to find the right partner … with the scale and technology foundation to continue growing these specialized processes into expanded applications,” said Brian Read, CEO and owner of Horizon Plastics.  “Core Molding Technologies is that partner.”

Core Molding will finance the acquisition with existing cash on hand and a new, $85 million senior secured credit facility consisting of a $45 million term loan and a $40 million revolving loan.