#United States #Novi #Merger #Shyft Group #Aebi Schmidt

Shyft Group’s Shareholders Approve Merger with Aebi Schmidt Group

In a significant move for the specialty vehicle manufacturing sector, shareholders of The Shyft Group, Inc. (NASDAQ: SHYF) have voted overwhelmingly to approve a merger agreement with Aebi Schmidt Group. This transaction marks a pivotal moment for both companies as they work towards blending their strengths for a more robust market presence.

The Details of the Merger

On June 17, 2025, it was announced that nearly 99% of Shyft's shareholders voted in favor of the merger, reflecting a strong endorsement of the strategic direction of both companies. The approval came during a special shareholders meeting where approximately 81% of the total outstanding shares were accounted for. The merger is expected to be completed around July 1, 2025, pending the satisfaction of certain customary closing conditions outlined in the merger agreement.

The merger will result in the establishment of the new entity known as the Aebi Schmidt Group, which will trade on NASDAQ under the ticker symbol “AEBI.” Such a name change reflects the unified identity and combined capabilities of both businesses. Notably, existing shares of Shyft will convert to shares of the newly formed entity at an exchange ratio of approximately 1.04 shares for each Shyft common stock prior to the merger’s effective time.

Comments from Leadership

James Sharman, who is currently the Chairman of Shyft's Board of Directors and will take on the same role in the newly established company, stated, “This shareholder approval is a significant step forward as we prepare to bring together two highly complementary businesses.” He emphasized the advantages of a larger scale and stronger capabilities, highlighting the anticipated increased value delivery to customers globally.

In parallel, Barend Fruithof, the CEO of Aebi Schmidt, expressed enthusiasm regarding the merger. He mentioned, “We are establishing a differentiated, global leader in the specialty vehicles industry with a shared focus on customers and operational excellence.” He strongly believes that this collaboration will not only unlock significant value for clients but also enhance returns for shareholders.

About The Shyft Group

The Shyft Group is recognized as a North American leader in manufacturing specialized vehicles built for a variety of applications including commerce, retail, and utility services. The company boasts a diverse portfolio of brands such as Utilimaster® and Blue Arc™ EV Solutions, underscoring its commitment to innovation and quality. With around 2,900 employees, Shyft operates multiple facilities across the United States and Mexico, reporting impressive sales of $786 million in 2024.

About Aebi Schmidt Group

Likewise, Aebi Schmidt Group is acknowledged as the global leader in intelligent solutions that maintain clean and safe infrastructure. The company generates significant earnings, with net sales surpassing €1 billion in 2024 and a workforce of approximately 3,000 employees dispersed across 16 sales organizations worldwide. Its diverse product range, from vehicles to innovative attachments, showcases its longstanding presence in the market.

Conclusion

The impending merger between The Shyft Group and Aebi Schmidt Group presents a promising future for the specialty vehicle market. By joining forces, both companies anticipate a strengthened operational capacity and enhanced offerings for clients worldwide. As they approach the closing date, stakeholders are optimistic about the synergies that will emerge from this collaboration. This merger is expected to pave the way for a new era in specialty vehicle manufacturing, positioning the combined entity favorably within the competitive landscape.