Core Molding Technologies investor pushes for combination with Continental Structural Plastics

By Lisa Kerner

Charlotte, N.C., April 29 - Private investor Richard L. Scott, through three entities he controls, bought 226,405 shares of Core Molding Technologies, Inc. in open-market transactions for $1.59 million using personal funds.

Scott is the largest shareholder of Continental Structural Plastics, Inc., a private company and Core Molding competitor, according to a schedule 13D filing with the Securities and Exchange Commission.

In the filing, Scott said that while he is supportive of Core Molding's existing strategy, he believes a combination of Core Molding and Continental Structural Plastics would "create incremental cash flow" while reducing risk factors identified in the company's recent form 10-K filing.

Scott and Continental Structural Plastics' chief executive officer have approached Core Molding in the past regarding a possible combination of the two companies.

Scott may discuss Core Molding's business and operations with company management, the filing said.

Core Molding produces sheet molding composites and molded products for trucks, automobiles and automotive aftermarkets. The company is located in Columbus, Ohio.

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