Abstract: A heat moldable composite panel is particularly useful as an automotive headliner and other as structural parts which must have heat and sound insulating properties as well as sound absorbing properties. The panel comprises a corrugated core which is advantageously dual arched core or corrugated metal foil, with opposite sides. One side is covered by a linerboard and is attached to the core through thermoplastic adhesive. The opposite side is covered by a thermoformable foam layer which is attached to the core by heat activatable adhesive. The entire structure is formable in a molding die at relatively low temperatures.