Southwest Michigan auto supplier Shape Corporation announced to its investors yesterday the acquisition of southwest Ohio aluminium extruder Magnode Corporation.
Although specifics of the deal were not given at the time of the announcement, Shape indicates that Magnode will be come a division of Shape, and that the acquisition will close early in March of this year.
According to Shape, the impetus for rolling Magnode into its own operations is the company’s expertise in aluminium extrusion and its vertically-integrated business model. In addition, Magnode’s aluminium capabilities are expected to augment Shape’s impact energy management systems and body structures offerings which at present consist of ultra-high strength steel roll forming, thermoplastic injection molding, and composite pultrusion.
Shape president Mark White noted the combination of the two firms as yielding a final product of a company that offers clients a range of high-tech aluminium extrusions for automotive applications.
“Magnode is the perfect addition to Shape. Our company cultures align extremely well, we both have a passion for innovation, engineering and customer service. Coupling Magnode’s decades of experience in the aluminum extrusion business with Shape’s global footprint and engineering know-how in impact energy management and body structures will mean that Shape is now a fully integrated, one-stop shop for customers seeking aluminum solutions.
“We can support customers with engineering, development and manufacturing in both 6000 or 7000 series aluminum applications and our value stream is optimized to provide the most competitive solutions possible.”
Martin Bidwell, Magnode president and chief executive officer, greeted the deal as a move that will keep his firm at the forefront of its industry for years to come.
“This acquisition allows Magnode to dream freely again, while imagining what we can become as we integrate into a larger world model. I am very excited that the Magnode brand will continue for many years after I am gone. This magnificent company will forge on, breaking the boundaries that we personally could only dream about.”
Shape and Magnode have formed a joint integration team to handle the logistics of the deal. Shape indicates that Magnode’s plant in Trenton will continue as before under the same management team.