Oct. 08–Core Molding Technologies’ longtime chief executive is retiring.
Kevin Barnett, who has led the Columbus-based supplier of automotive parts since 2007, announced his retirement from the company last week. Barnett, who has been with Core Molding since 1997, also resigned from the company’s board of directors.
Barnett will be replaced by David L. Duvall, who comes to Core Molding from Signode Industrial Group. Duvall will start in his new position on Oct. 22.
Core Molding makes sheet-molding compound and thermoplastic products for the truck, marine, agriculture and construction industries and other customers.
The company has increased sales this year from last, thanks to a large acquisition in January, but it has struggled to maintain its profitability. The company has plants in Columbus and Batavia, Ohio, and in South Carolina, Minnesota, Mexico and Canada.
Core Molding also hired a new vice president of operations last month, Eric Palomaki, who was previously at Acuity Brands, a lighting firm.
Barnett said in the company’s last quarterly earnings report that rising sales have not translated into higher profits.
“We are disappointed in our inability to convert our increase in sales into higher profits,” Barnett said in a press release. “The rapid increase in customer demand, tight labor markets and numerous new-product launches have challenged the company’s operations, resulting in higher costs and lower operational efficiency.”
Core Molding’s largest customers are Volvo, PACCAR and Navistar, all heavy-truck makers.
The company’s stock has taken a tumble in the past year, from a high of more than $23 a share to less than $7 a share. Shares fell 2.5 percent Monday to close at $6.52.
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