NOVI,
Mich., Feb. 25, 2025 /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 the expansion of its
close collaboration with Isuzu North America Corporation,
positioning Shyft to grow its business and establish new operations
near Isuzu's future production facility in Greenville County, South Carolina. Building on
more than a decade-long relationship, the expanded collaboration is
expected to create new revenue-generating opportunities, including
a dedicated upfit and modification center and a new body program
tailored for the North American market.
"This next chapter in our collaboration with Isuzu, which began
in 2011, not only reaffirms Shyft's role as a trusted assembly
partner but also positions us to expand our capabilities and
deliver even greater value to Isuzu and our customers," said
Jacob Farmer, President, Fleet
Vehicles & Services and Specialty Vehicles, The Shyft Group.
"We are investing in growth—expanding our footprint, advancing new
upfit solutions, vehicle bodies, and platforms—that will strengthen
our business and drive long-term success for both companies."
As part of the transition, Shyft will continue assembling key
Isuzu vehicle lines, including the N-Series Gas, N-Series EV, and
F-Series trucks, at its Charlotte,
Michigan, campus throughout the multi-year production
ramp-up in Greenville. Shyft's
assembly expertise will also support the planning and launch of the
new facility, ensuring production continuity and a smooth
transition.
Shyft and Isuzu are also advancing plans to establish Shyft as a
long-term upfit and vehicle solutions provider supporting Isuzu's
North American operations. As part of this effort, plans are
progressing for Shyft to develop a dedicated upfit and
modification center near the Greenville plant, expected to support
Port-Installed Options (PIO), final vehicle modifications, and
other upfit services for vehicles produced at the site.
Additionally, Shyft is preparing to introduce a new body program
designed to meet the needs of the North American market, aligning
its manufacturing and upfit capabilities with growing demand for
purpose-built commercial vehicle solutions. Further details on the
body program will be shared soon.
"Expanding Isuzu's U.S. production footprint is a pivotal step
in our long-term growth strategy," said Noboru Murakami, President, Isuzu North America
Corporation. "We expect that Shyft's deep assembly and upfit
expertise will play a critical role as we build and scale this new
production facility, and we value their continued support as we
work together to deliver best-in-class commercial vehicles to the
North American market."
Isuzu's 1,000,000-square-foot Greenville facility will consolidate
production, vehicle preparation, and logistics operations under one
roof, enhancing efficiency and supporting Isuzu's North American
growth plans. Initial production is expected to begin in 2027, with
further expansion in 2028. Once fully operational, the plant will
have the capacity to produce up to 50,000 vehicles annually and
employ more than 700 people. The transition will be executed
gradually to minimize disruptions and ensure a reliable supply of
vehicles to customers.
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 specialty vehicle 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 Utilimaster®, Blue Arc™ EV
Solutions, Royal® Truck Body,
DuraMag® and Magnum®, Strobes-R-Us,
Spartan® RV Chassis, Builtmore Contract
Manufacturing™, and Independent Truck
Upfitters. 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 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.
Forward Looking Statement
This release contains
information, including our sales and earnings guidance, all other
information provided with respect to our outlook for 2024 and
future periods, and other statements concerning our business,
strategic position, financial projections, financial strength,
future plans, objectives, and the performance of our products and
operations that may constitute "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. We intend the forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements in those
sections. Generally, we have identified such forward-looking
statements by using words such as "believe," "expect," "intend,"
"potential," "future," "may," "will," "should," and similar
expressions or by using future dates in connection with any
discussion of, among other things, the construction or operation of
new or existing facilities, operating performance, trends, events
or developments that we expect or anticipate will occur in the
future, statements relating to volume changes, share of sales and
earnings per share changes, anticipated cost savings, potential
capital and operational cash improvements, changes in supply and
demand conditions and prices for our products, trade duties and
other aspects of trade policy, statements regarding our future
strategies, products and innovations, and statements expressing
general views about future operating results. However, the absence
of these words or similar expressions does not mean that a
statement is not forward-looking. Forward-looking statements are
not historical facts, but instead represent only the Company's
beliefs regarding future events, many of which, by their nature,
are inherently uncertain and outside of the Company's control. It
is possible that the Company's actual results and financial
condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking
statements. Management believes that these forward-looking
statements are reasonable as of the time made. However, caution
should be taken not to place undue reliance on any such
forward-looking statements because such statements speak only as of
the date when made. We undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law. In addition, forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from the Company's historical experience and our present
expectations or projections. In addition, forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from the Company's
historical experience and our present expectations or projections.
More information about factors that potentially could affect our
financial results is included in our filings with
the Securities and Exchange Commission ("SEC"), including
our most recent Annual Report on Form 10-K and subsequent filings,
which are available at www.sec.gov or our website. All
forward-looking statements in this release are qualified by this
paragraph. Investors should not place undue reliance on
forward-looking statements as a prediction of actual results. We
undertake no obligation to publicly update or revise any
forward-looking statements in this release, whether as a result of
new information, future events, or otherwise.
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.
