NOVI,
Mich., July 25, 2024 /PRNewswire/ -- The Shyft
Group, Inc. (NASDAQ: SHYF), the North American leader in specialty
vehicle manufacturing, assembly, and upfit for the commercial,
retail, and service markets, today announced it acquired
Independent Truck Upfitters (ITU), a leading service body and work
truck upfitter based in the Midwest.
"We are thrilled to welcome ITU to the Shyft Group family. ITU's
unique products and capabilities are a fantastic complement to our
existing portfolio, allowing us to offer even greater value to our
collective customers," said John
Dunn, President and CEO of the Shyft Group. "We look forward
to working with ITU's team members, customers, and suppliers as we
accelerate our growth and strengthen our market position."
The ITU acquisition aligns with Shyft's Specialty Vehicles
infrastructure focused growth strategy. ITU serves utility,
construction, and fleet management companies with custom solutions,
including bodies, crane packages, liftgates, and aftermarket
accessories for commercial work trucks. Specializing in larger
vehicles and complex service body upfitting, ITU enables Shyft to
enter new markets and capture a greater share of higher class-sized
products.
"We are excited to join the Shyft Group family," said
Tim Craft, CEO of ITU. "Shyft's
commitment to operational excellence and customer focus aligns well
with ITU. We look forward to the opportunities this acquisition
will bring for our customers and team members."
About The Shyft Group
The Shyft Group is the North
American leader in specialty vehicle manufacturing, assembly, and
upfit for the commercial, retail, and service markets. Our
customers include first-to-last mile delivery companies across
vocations, federal, state, and local government entities; the
trades; and utility and infrastructure segments. The Shyft Group is
organized into two core business units: Shyft Fleet Vehicles and
Services™ and Shyft Specialty Vehicles™. Today, its family of
brands include Blue Arc™ EV Solutions, Utilimaster®,
Royal® Truck Body, DuraMag® and
Magnum®, Strobes-R-Us™, Spartan® RV Chassis,
Red Diamond™ Aftermarket Solutions, and Builtmore Contract
Manufacturing™. The Shyft Group and its go-to-market brands are
well known in their respective industries for quality, durability,
and first-to-market innovation. The Company employs approximately
3,000 employees and contractors across campuses, and operates
facilities in Arizona,
California, Florida, Indiana, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo,
Mexico. The Company reported sales of $872 million in 2023. Learn more at
TheShyftGroup.com.
About ITU
Independent Truck Upfitters (ITU) is a
leading work truck and equipment upfitter based in the Midwest.
Serving utility, construction, and fleet management companies, ITU
provides custom upfit solutions, including bodies, crane packages,
liftgates, and aftermarket accessories for commercial work trucks.
ITU operates out of three locations in Iowa, Michigan, and Missouri.
CONTACTS
Media:
Sydney
Machesky
Director, Corporate
Communications
The Shyft
Group
Sydney.Machesky@theshyftgroup.com
586.413.4112
Investors:
Randy
Wilson
Vice President, Investor Relations
and Treasury
The Shyft
Group
Randy.Wilson@theshyftgroup.com
248.727.3755
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SOURCE The Shyft Group, Inc.