NOVI, Mich., June 1, 2020 /PRNewswire/ -- Today, Spartan
Motors, Inc. (NASDAQ: SPAR) announced its corporate name change to
The Shyft Group, Inc. (NASDAQ: SHYF) ("Shyft" or the "Company"),
following the divestiture of its Emergency Response (ER)
business. As part of the name change, the Company has
released a new company logo and has launched a new corporate
website at www.theshyftgroup.com. The Shyft Group is
headquartered in Novi, Mich.
"For 45 years, the Company has gone to market as Spartan.
This new chapter has been well contemplated, it's aligned with our
long-term growth strategy, and it's one we're incredibly proud of,"
said Daryl Adams, President and
Chief Executive Officer, The Shyft Group. "After the
divestment of the ER business unit, we went through a months-long
process to select the new brand. The Shyft Group represents
the pivot in market-focus and the corresponding forward momentum
we've garnered in the work truck, specialty service, and delivery
vehicle markets. As our new name signals, The Shyft Group is
nimble, aggressive, and here to win."
The name, which represents speed, efficiency, agility, and
a high-intensity approach, was approved by the Company's Board of
Directors and by a vote of the shareholders. The Company
begins trading under the NASDAQ ticker symbol "SHYF", effective
today.
While The Shyft Group will serve as the overarching corporate
parent company to the organization's go-to-market brands,
Utilimaster, Royal Truck Body, Strobes-R-Us, Spartan RV Chassis,
and Builtmore Contract Manufacturing (formerly Spartan's contract
manufacturing business) will continue to serve customers under
their existing brand names.
"I am incredibly proud of our heritage and excited for the
possibilities for the new brand. I'd like to extend a thank
you to the leadership team and to the Board for their contributions
in The Shyft Group's name selection process," said Adams.
"Together, we selected a brand that represents our intent to be a
fast-paced, responsive, and ever-evolving organization.
Leveraging market analysis and deep customer insights to
drive relevant innovations, we are committed to dramatically impact
the way goods and services are delivered today, tomorrow, and into
the future."
For more information, please visit TheShyftGroup.com/launch.
About The Shyft Group
The Shyft Group (f/k/a Spartan
Motors) 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, Royal Truck Body, Strobes-R-Us, Spartan RV Chassis,
Builtmore Contract Manufacturing, and corresponding aftermarket
provisions. 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
associates across campuses, and operates facilities in Michigan, Indiana, Pennsylvania, South
Carolina, Florida,
Missouri, California, Arizona, Texas, and Saltillo,
Mexico. Learn more about The Shyft Group at
www.TheShyftGroup.com.
This release contains several forward-looking statements that
are not historical facts, including statements concerning our
business, strategic position, financial projections, financial
strength, future plans, objectives, and the performance of our
products and operations. These statements can be identified
by words such as "believe," "expect," "intend," "potential,"
"future," "may," "will," "should," and similar expressions
regarding future expectations. These forward-looking
statements involve various known and unknown risks, uncertainties,
and assumptions that are difficult to predict with regard to
timing, extent, and likelihood. Therefore, actual performance
and results may materially differ from what may be expressed or
forecasted in such forward-looking statements. Factors that could
contribute to these differences include future developments
relating to the COVID-19 pandemic, including governmental
responses, supply chain shortages, and potential labor issues;
operational and other complications that may arise affecting the
implementation of our plans and business objectives; continued
pressures caused by economic conditions and the pace and extent of
the economic recovery; challenges that may arise in connection with
the integration of new businesses or assets we acquire or the
disposition of assets; restructuring of our operations, and/or our
expansion into new geographic markets; issues unique to government
contracting, such as competitive bidding processes, qualification
requirements, and delays or changes in funding; disruptions within
our dealer network; changes in our relationships with major
customers, suppliers, or other business partners, including Isuzu;
changes in the demand or supply of products within our markets or
raw materials needed to manufacture those products; and changes in
laws and regulations affecting our business. Other factors
that could affect outcomes are set forth in our Annual Report on
Form 10-K and other filings we make with the Securities and
Exchange Commission (SEC), 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.
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SOURCE The Shyft Group