In the late 1940's and early 1950's, Sundstrand Corporation engineers were developing a lifting magnet product line.  In 1954, the Power-Grip trademark was obtained and after that time, Sundstrand began marketing and selling their magnetic products with the Power-Grip brand name.

The Hanchett Magna-Lock Corporation began in 1948.  By 1961, patents were filed for magnet lifting devices and production of the MagnaLift product line began.

The MagnaLift lift magnet product line is the original lift magnets developed by Hanchett Magna-Lock Corporation.  This product line also included the Magna Dyne series of lift magnets.  In 1970 the company name was changed to Magna-Lock Corporation.

In 1974, the Magna-Lock Corporation was purchased by Hitachi Metals American Ltd. and the Hitachi Magna-Lock Corporation name was now used.

In 1975, Sundstrand Magnetic Product Co. in Belvidere, Illinois sold their Power-Grip lift magnet and magnetic product lines to Hitachi Magna-Lock Corporation where they joined with the current models.

In 1985, Bruce Cocklin, former Hitachi Magna Lock employee, purchased the lift magnet lines and formed Magnetic Specialties Corporation. In 2010, Magnetic Specialties Corporation closed its doors; the product lines are sold to Magna Lock USA, Inc. and moved to Rockford, Illinois.

Magna-Lock USA, Inc. became the OEM for MagnaLift and Power-Grip lift magnets, spare parts and repairs when it purchased Magnetic Specialties Corporation in July 2010.

In April 2018, Magna Lock USA, Inc. changed their name to Obsidian Manufacturing Industries, Inc.  They are the OEM for spare parts, new equipment and service repairs of Magna-Lock USA, MagnaLift, Power-Grip and Arter Precision Grinding Machines.

In 2018, when Obsidian Manufacturing Industries, Inc. name change was implemented, the material handling products became a brand of the company and are identified as MagnaLift and Power-Grip.  This change was made to avoid confusion with the other brands at Obsidian Manufacturing Industries, Inc.  The MagnaLift and Power-Grip logos were updated also at that time.