Horizon Plastics International (HPI) is one of Cobourg’s major employers and they have been sold to Core Molding Technologies, Inc (Core) based out of Ohio for approximately US $63 million in cash. HPI has 250 employees operating within two manufacturing facilities located in Cobourg, and Nuevo Leon, Mexico. Of these, 210 are in Cobourg. The announcement says that the new owner “plans to continue all HPI operations and does not expect any significant restructuring, shut-down or employee severance costs.” That means no layoffs. The announcement by Core says that they have “acquired substantially all of the assets” of HPI.
Kevin L. Barnett, President and Chief Executive Officer of Core Molding Technologies said: “Continuing to expand our technology offerings and diversifying our customer base and end-markets are key elements of our growth strategy. HPI is a leader in structural foam and structural web molding and continues to innovate around these molding technologies,” he said. “In addition to new technology offerings, the acquisition brings us existing programs with industry leading customers in several new markets, experienced leadership, a motivated and capable workforce, and expanded geographic reach. We intend to utilize this significant knowledge base and capabilities resident in both facilities to continue to grow the HPI operations.”
Brian Read, CEO and owner of HPI said: “As I looked to transition ownership of HPI, it was important to find the right partner. As a long-term Cobourg resident and business owner, future stability of the organization and support of our outstanding technical and production teams was a high priority. I also favored a strategic partner with the scale and technology foundation to continue growing these specialized processes into expanded applications,” he said. “Core Molding Technologies is that partner.”
HPI had annual sales for its fiscal year ended August 31, 2017 of approximately $60 million.