Core Materials Names Simonton President and CEO
COLUMBUS, Ohio, Dec. 13 - Core Materials Corporation (AMEX:CME) today announced that James L. Simonton has been named president and chief executive officer of the company effective January 15, 2000. The position had previously been vacant.
In his 35 year career with Navistar International Corp. (NAV) and its predecessor, International Harvestor, Simonton served as plant manager of the Springfield Assembly Plant, with responsibilities for 4,000 employees and $2.6 billion in sales. Simonton was also the vice president of Manufacturing Engine and Foundry Group, which included 3,500 employees and $650 million in revenue. He most recently served as vice president of purchasing and supplier development. Simonton has served on the Core Materials Board of Directors since 1998.
"Jim's addition as president and CEO brings a seasoned manufacturing executive, which should allow us to maximize the opportunities we have through our multiple facilities and growing customer base, while also refining the complexities of product and processes," said Malcolm M. Prine, chairman, board of directors, Core Materials. "As a current board member, he is already familiar with Core Materials, which will immediately help strengthen the organization."
"I am committed to returning Core Materials to the profit levels previously achieved by the company in its first two years as a public company," said Simonton. "Our focus remains on a high level of customer satisfaction, consistent revenue and earnings growth through diversification of our customer base, industry segments, geography and processes."
Active in community affairs, Simonton is past vice chairman of the Clark County Ohio Chamber of Commerce and past Clark County United Way Campaign chairperson. He earned a bachelor's degree from Bowling Green State University and a master's in business administration from the University of Dayton.
Core Materials Corporation (AMEX:CME) is a compounder and compression molder of sheet molding composites (SMC). The company produces high quality fiberglass reinforced molded products and SMC materials for varied markets, including transportation, marine, agricultural and commercial products. Core Materials, with its headquarters in Columbus, Ohio, operates plants in Columbus and Gaffney, South Carolina.
This press release contains certain "forward-looking statements" which involve certain risks and uncertainties. Core Materials' actual results may differ significantly from those discussed in the forward-looking statements. Factors that may cause such a difference include, but are not limited to: business conditions in the plastics, transportation, recreation and consumer products industries, the general economy, competitive factors, the dependence on two major customers, new technologies, the year 2000 systems issue, regulatory requirements, labor relations, the loss or inability to attract key personnel, construction delays, the availability of capital and management's decision to pursue new products or businesses which involve additional cost risks or capital expenditures.
Contact: Kevin L. Barnett, 614-870-5603, or Malcolm Prine, 412-481-1944 both of Core Materials Corporation