Shareholders of The Shyft Group have approved the company’s merger with the Aebi Schmidt Group, marking a key step toward finalizing the transaction by July 1.
A special meeting saw about 99% of votes cast in favor of the deal, representing roughly 81% of Shyft’s outstanding shares as of May 13. The final voting results will be filed with the U.S. Securities and Exchange Commission.
The combined company will be called Aebi Schmidt Group and expects to begin trading on NASDAQ under the symbol “AEBI” around the closing date. Each Shyft share will be exchanged for about 1.04 shares of the new entity.
“This shareholder approval is a significant step forward as we prepare to bring together two highly complementary businesses,” James Sharman, chairman of Shyft’s board and incoming chairman of the combined group, said in a press release.
Sharman said the merger will help the companies expand their scale and better serve customers worldwide.
He thanked shareholders for their engagement and support throughout the process.
Barend Fruithof, CEO of Aebi Schmidt and incoming CEO of the new group, said the merger creates a global leader in the specialty vehicle market.
“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,” Fruithof said.
The Shyft Group manufactures and upfits specialty vehicles for commercial, retail, and service markets in North America.
Its brands include Utilimaster, Blue Arc EV Solutions, Royal Truck Body, and Spartan RV Chassis.
Headquartered in Novi, Michigan, Shyft operates facilities across U.S. states and in Saltillo, Mexico. The company reported sales of $786 million in 2024 and employs about 2,900 workers and contractors.
Aebi Schmidt, based in Switzerland, supplies equipment and vehicles for infrastructure, environmental, and agricultural uses. The company generated net sales of more than 1 billion euros in 2024 and employs about 3,000 people worldwide.