An improved compression molding process uses a separation plate 26 disposed between the upper and lower sections 22, 24 of a compression mold 20 for forming a grip with a distinct separation of multiple elastomeric materials. An optional compound retention plate 25 mounted on at least one of the mold sections forms a distinct color separation in the resulting grip. The optional compound retention plate 25 provides at least one groove formed in the split line of the grip that may be filled in with paint for a distinct overall two color appearance.