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Auto supplier selling stamping facility
An automotive supplier is selling one of its facilities in the region to another manufacturer.
Grand Haven-based Shape Corp. has signed a letter of intent to sell its Spring Lake stamping operation to Walker-based Ridgeview Industries, a metal stamping and assembly manufacturer.
Terms of the deal, which is expected to close in July, were not disclosed.
The deal includes a long-term agreement for Ridgeview to continue as a supplier to Shape.
“With Shape being one of (Ridgeview’s) largest customers over the years, we see this sale as a natural transition that will benefit both companies,” said Mark White, president, Shape Corp.
Dave Nykamp, president and owner of Ridgeview, said his company has been “blessed” to work with Shape for the past 20 years.
“Shape Stampings will provide us with additional capacity and talent in the heart of our core business. We are excited about this opportunity,” he said.
A spokesperson for Shape said the sale will allow the company to “continue to invest in their core processes — roll forming, aluminum, injection molding, composites — and new technology, while allowing Ridgeview to expand their core process, stamping.”
In January, Shape announced the purchase of Magnode, a Trenton, Ohio-based aluminum extruder as part of an ongoing investment in light-weighting technology.
A team comprised of members from both companies has been formed to manage the transition during the next few months.
Shape’s stamping facility will continue operations under current leadership to support production needs leading up to the closing of the sale.
After close, Ridgeview will operate the business at the present Spring Lake location using the current base of employees.
Founded in 1974, Shape Corp. is a supplier of custom metallic, plastic, composite and hybrid solutions for the automotive sector as well as a “diverse collection” of non-automotive industries, according to Shape.
The company is private, family-owned company with more than 3,500 employees in North America, Europe and Asia.
Founded in 1977, Ridgeview Industries specializes in metal stamping and welded assemblies.
With about 500 employees, it operates a facility in Walker and another in Huntsville, Alabama.