“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 light-weighting best practices,” Sharpe said in a release Monday.
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Shape said it was drawn by Magnode’s more than 70 years years of aluminum extrusion experience. Magnode will operate as a division of Shape.
Grand Haven, Mich.-based Shape focuses on 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,” the company said in its release.
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“Magnode is the perfect addition to Shape,” Shape President Mark White said in the statement. “Our company cultures align extremely well, we both have a passion for innovation, engineering and customer service.”
“This acquisition allows Magnode to dream freely again, while imagining what we can become as we integrate into a larger world model,” Martin Bidwell, Magnode president and chief executive, said in the same statement. “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.”
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Sharpe said a team composed of employees from both businesses will work on continuing “normal operations” under current leadership.
The acquisition will close in early March after all transaction terms are complete, the Michigan company said.
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In September, Magnode told this news outlet that it was building a new commercial site at 400 E. State St., valued at $926,380, according to permits filed this summer with the county.
David Longworth, the company’s controller, told this news outlet that the company broke ground earlier in 2017 on the the property for a brand new building due to an expansion.
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