Magnode Corp. to be acquired by Michigan-based auto lightweight technology firm Shape Corp
Monday, January 15, 2018
Posted by: Nancy Molenda
Shape Corp. Agrees To Acquire Aluminum Extruder Magnode
Deal positions Shape to support global automotive customers with lightweight aluminum solutions
Shape Corp. announced, Monday, that the company has come to terms on a purchase agreement to acquire Ohio-based aluminum extruder, and AEC member company, Magnode. The deal comes after a successful business relationship between that two companies that included collaboration on engineering projects, as well as shared research and development around lightweighting best practices.
Shape’s global aluminum offerings are immediately elevated by leveraging Magnode’s 70-plus years of aluminum extrusion expertise and their vertically integrated business model. Going forward Magnode will operate as a division of Shape.
As a global leader in lightweighting technology for the automotive and mobility markets, Shape has a focus on impact energy management systems and body structures. The Magnode purchase expands Shape’s lightweight product and process portfolio beyond ultra-high strength steel roll forming, thermoplastic injection molding and composite pultrusion.
“Magnode is the perfect addition to Shape,” said Shape president Mark White. “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.”
A joint integration team, compromised of members from both companies, has been formed and will be managing the transition over the coming year. Magnode’s Trenton, Ohio facility will continue normal operations under current leadership and remain a “center of excellence” for aluminum according to Shape.
“This acquisition allows Magnode to dream freely again, while imagining what we can become as we integrate into a larger world model,” said Martin Bidwell, Magnode president and chief executive officer. “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.”
The acquisition will close in early March after all transaction terms are complete.