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US specialty vehicle maker Shyft to merge with Switzerland-based Aebi Schmidt

Shyft Group and Switzerland-based Aebi Schmidt will merge in an all-stock deal, the companies said on Monday, sending the U.S. specialty vehicle maker's shares up 13%.
The Shyft Group, a U.S.-based specialty vehicle manufacturer, has announced plans to merge with Aebi Schmidt Holding AG, a Swiss company known for its agricultural and road maintenance equipment. This merger aims to create a global leader in specialty vehicle manufacturing, enhancing their product offerings and market reach. The combined entity will benefit from Shyft's expertise in last-mile delivery and specialty vehicles, and Aebi Schmidt's strong presence in Europe and its technology in road maintenance and agricultural sectors. The deal, expected to close in the second half of 2024, will see Shyft shareholders owning approximately 62.5% of the new company, with Aebi Schmidt shareholders holding the remaining 37.5%. The merger is anticipated to drive growth through expanded product lines, increased innovation, and operational synergies.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/us-specialty-vehicle-maker-shyft-merge-with-switzerland-based-aebi-schmidt-2024-12-16/ ]