The two companies have collaborated on engineering projects in the past, including researching and developing lightweighting best practices.
John Keene, the marketing manager for Shape, said it's an exciting acquisition.
“We are making another investment in lightweighting technology,” he said. “This is a big step for us. It's going to be a big deal for aluminum here in North America. Lightweighting is a huge driver in the automotive industry right now.”
A lightweight vehicle can help manufacturers meet government-regulated gas mileage standards, and also help electric vehicles to go a greater distance on a charge.
Magnode will operate as a subsidiary of Shape, and be known as “a division of Shape Corp.,” according to Keene.
Shape officials expect to finalize the purchase of the Trenton, Ohio, facility in March.
“They'll maintain their name, employees, leadership and facility in Ohio,” Keene said.
The Magnode purchase expands Shape’s lightweight product and process portfolio beyond ultra-high-strength steel roll forming, thermoplastic injection molding and composite pultrusion, according to Shape President Mark White.
“Magnode is the perfect addition to Shape,” White said. “Our company cultures align extremely well — we both have a passion for innovation, engineering and customer service. Coupling Magnode’s (seven) 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.”
Keene said a transition team is in place and that employees of both companies were notified of the upcoming ownership change last week.