Core Molding Technologies, Inc. announced that it has entered into a new supply agreement with Navistar, Inc. Under the terms of the supply agreement, Navistar will continue to purchase 100% of its original equipment and service requirements as they presently exist for specified fiberglass reinforced products from Core Molding Technologies through October 31, 2013. The previous agreement was scheduled to run through October 31, 2011.
Navistar is Core Molding Technologies' largest customer and accounted for approximately 44% of the company's 2007 total revenue, and is also a significant stockholder, owning approximately 9.8% of the company's outstanding common stock.
Core Molding Technologies is a compounder of sheet molding compound (SMC) and molder of fiberglass-reinforced plastics. The company produces fiberglass-reinforced, molded products and SMC materials for varied markets, including medium- and heavy-duty trucks, automobiles, personal watercraft, and other commercial products.