NOVI–The specialty vehicle manufacturer and upfitter Shyft Group Inc. announced that its shareholders had approved a merger with Aebi Schmidt Group, with 81 percent of shares voting in favor.
The transaction is expected to close on July 1.
After the merger, the combined company will operate under the name “Aebi Schmidt Group”, and shares are expected to begin trading on NASDAQ under the ticker symbol “AEBI.” Each share of Shyft common stock that was issued and outstanding as of immediately prior to the effective time of the merger will be exchanged for approximately 1.04 shares of the combined company’s common stock.
“This shareholder approval is a significant step forward as we prepare to bring together two highly complementary businesses,” said James Sharman, current chairman of Shyft’s Board of Directors and incoming chairman of the combined company. “Together, the companies will have greater scale, stronger capabilities, and an expanded ability to deliver differentiated value for customers across the globe. We appreciate the engagement and support of our shareholders.”
Barend Fruithof, CEO of Aebi Schmidt and incoming CEO of the combined company, added, “We are establishing a differentiated, global leader in the specialty vehicles industry with a shared focus on customers and operational excellence, which positions us well for continued growth. I firmly believe this strategic combination will unlock meaningful value for customers and shareholders.”
Shyft has two core business units: Shyft Fleet Vehicles and Services and Shyft Specialty Vehicles. Its brands include Utilimaster, Blue Arc EV Solutions, Royal Truck Body, DuraMag, Magnum, Strobes-R-Us, Spartan RV Chassis, Builtmore Contract Manufacturing and Indepenent Truck Upfitters. It employs approximately 2,900 employees and contractors across campuses, and operates facilities in Arizona, California, Florida, Indiana, Iowa, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company reported sales of $786 million in 2024. Learn more at TheShyftGroup.com.
Aebi Schmidt Group, headquartered in Switzerland, generated net sales of over 1 billion EUR in 2024 and employs around 3,000 people in 16 sales organizations and over a dozen production facilities worldwide. The company is represented in a further 90 countries through established dealer partnerships. The portfolio consists of the product brands Aebi, Schmidt, Nido, Arctic, Monroe, Towmaster, Swenson, Meyer, MB and ELP.
