Shape Corp. announced Thursday that the company signed a letter of intent with West Michigan metal stampings and assembly manufacturer, Ridgeview Industries, to sell certain assets related to Shape’s stampings operations located in Spring Lake, Mich.
Shape and Ridgeview are continuing a strategic partnership of more than 20 years with the deal, which includes a long-term supplier agreement.
“Ridgeview has been a trusted supplier of advanced stamped products and assemblies,” said Shape president Mark White. “With Shape being one of their largest customers over the years, we see this sale as a natural transition that will benefit both companies. The advantage comes into play as stampings is a core competency of Ridgeview. Therefore, they’re positioned to advance and expand our existing operations while we focus on enhancing our business’ core competencies.”
For Shape, the deal provides more opportunities to reinvest both locally and globally, while also remaining committed to expanding its lightweighting-focused product and process portfolio.
A joint transition team, compromised of members from both companies, has been formed and will be managing the transition over the next few months. Shape’s stampings facility will continue normal operations under current leadership to support production needs leading up to the final closing of the sale. After close, Ridgeview plans to operate the business at the present Spring Lake location utilizing the current base of employees.
“We have been blessed through a great relationship with Shape Corp.,” said Dave Nykamp, president and owner of Ridgeview. “Shape Stampings will provide us with additional capacity and talent in the heart of our core business. We are excited about this opportunity.”
Shape and Ridgeview expect the sale to close in early July.