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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) September 12, 1997
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CORE MATERIALS CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 001-12505 31-1481870
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
800 Manor Park Drive, P.O. Box 28183
Columbus, Ohio 43228-0183
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (614) 870-5000
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(Former Name or Former Address, if Changed Since Last Report
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
None
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
None
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
None
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
None
ITEM 5. OTHER EVENTS.
On September 12, 1997, Core Materials Corporation completed the purchase of a
102,400 square foot building shell and 21 acres of land in Gaffney, South
Carolina for approximately $1,900,000. This facility will provide a geographic
expansion of the Company's molding and assembly operations. The Company's plan
to finish construction of the building and install furnishings and equipment is
expected to be completed in early 1998. The total investment in land, building
and equipment is expected to be approximately $13,000,000 when completed.
Financing for this facility is expected to be provided through a combination of
Industrial Revenue Bonds, equipment leases and cash provided internally by
operations.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
None
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibits:
99. Press Release announcing completion of purchase agreement.
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ITEM 8. CHANGE IN FISCAL YEAR.
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Core Materials Corporation
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(Registrant)
Date September 26, 1997 By
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(Signature)
Kevin L. Barnett
Vice President, Treasurer and
Chief Financial Officer
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
None
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Exhibit 99
PRESS RELEASE
Core Materials Corporation For further information contact:
800 Manor Park Drive Kevin L. Barnett
Columbus, Ohio 43228 (614) 870-5603
TRADED: AMEX (CME)
CORE MATERIALS CORPORATION COMPLETES ACQUISITION OF
FACILITY IN SOUTH CAROLINA
-FACILITY WILL ALLOW CORE MATERIALS TO EXPAND SOUTHEAST CUSTOMER BASE-
COLUMBUS, OHIO -- SEPTEMBER 19, 1997 -- Core Materials Corporation (AMEX Symbol:
CME) today announced that it has completed the purchase agreement with Gilbert
Properties and Gilbert Group for land and a building site in their Meadowcreek
Industrial Development, located in Gaffney, South Carolina. The agreement was
finalized on September 12, 1997.
Under the terms of the agreement, Core Materials acquired a 102,400 square foot
facility on approximately 21 acres of land. The facility, which can be expanded
in the future, will begin molding and assembly operations in early 1998. The
company plans to invest approximately $13 million in land, building and
equipment for the start-up of its second plant, while adding up to 100
additional employees by the end of 1998.
Management believes the addition of a second plant will further enhance the
company's growth strategy, allowing it to expand its customer base. This
facility provides the company with additional capacity and a strategic
geographic location to serve both current and prospective customers, while
positioning Core Materials for further growth in the marketplace. The location
of the new plant which is near our current and potential customers in the
southeast, will allow us to service them more efficiently through cost savings
and a reduction in distribution expenses.
Core Materials Corporation, located in Columbus, Ohio, is a compounder and
compression molder of sheet molding composites (SMC). The company markets,
manufactures and sells these fiberglass reinforced plastics products for a
variety of applications.
Certain statements under this caption constitute "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, recreational and consumer
products industries, the general economy, competitive factors including the
dependence on two major customers, new technologies, regulatory requirements,
labor relations, the loss or inability to attract key personnel, construction
delays, the availability of capital and management's decisions to pursue new
products or businesses which involve additional cost risks or capital
expenditures.
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