Magna International Corporation was founded as a
manufacturer of industrial application infrared heating
systems powered by propane fuel. In the early 1970s, under
the ownership of Paul Cozel, the company made their retail
debut by designing and producing a new portable propane
powered heater and tool for the consumer market. Magna
International developed various markets for the infrared
tool, including the United States Government.
In 1979, Larry Whited and David Davidson bought the
company and renamed it Magna Industries, Inc. The following
year, this partnership launched “Tru-Grit Flashlights” as
the first official product under their ownership. In 1981,
the partnership split, and “Tru-Grit Flashlight” was sold.
Larry Whited, as the owner, maintained Magna Industries,
Inc. and in 1982 Magna released the first propane torch
into the retail market. The torch sold well and became the foundation
of the company
In 1985, Magna purchased Insto-Impala products/Waywick Corporation's
assets and name from Chapter 11. The company proved profitable as a result
of their expertise and ingenuity in the industry, and they were able to move
locations of their manufacturing facilities to Cleveland. Magna Industries, Inc.
purchased the product lines from the oldest manufacturer of propane torches for the
professional and industrial market and Magna expanded tremendously since its
birth over 70 years ago.