The first day of business for Magna Machine & Tool Company Inc. was September 1, 1975, with Richard (Dick) Culy and Marion Shore as the proprietors. Previously, Culy worked as the shop foreman at Muncie Tool and Die in Losantville, Indiana, which Shore owned. In July 1975, Muncie Tool and Die went out of business, and Magna was created. In the spring of 1976, they hired Eugene Weaver as their first full-time employee.

For the first twenty years, Magna expanded slowly but steadily. A solid and devoted consumer base was built throughout this time.

Mike Broyles and Eugene Weaver partnered up in June 1990. Magna had a successful year in 1995. The founding father, Marion, retired, and Magna was among the first five businesses to receive ISO 9001 Certification.