Auto supplier buys aluminum parts maker
An auto supplier in the region has acquired an out-of-state manufacturer of aluminum parts.
Grand Haven-based Shape Corp. said today it signed a purchase agreement to acquire Trenton, Ohio-based Magnode, a supplier of extruded aluminum products.
Terms of the deal were not disclosed.
The acquisition is expected to close in early March.
“Magnode is the perfect addition to Shape,” said Mark White, president, Shape Corp.
“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.”
Shape Corp. said the deal follows years of collaboration with Magnode on engineering projects and shared research and development “around lightweighting best practices.”
Magnode will operate as a division of Shape Corp. A team compromised of members from both companies will manage the transition this year.
Magnode’s Trenton, Ohio facility will continue normal operations under current leadership and remain a “center of excellence” for aluminum.
Founded in 1974, Shape Corp. is a family owned supplier of custom metallic, plastic, composite and hybrid solutions for the automotive industry and various other industries.
Shape employs more than 3,500 team members across 15 locations in North America, Europe and Asia.
Magnode, established in 1947, is a supplier of aluminum extrusions.
Its primary markets include structural automotive components and assemblies, as well as the construction and industrial applications markets.
The company employs more than 240 people in Trenton, Ohio and Indianapolis.