About The Shyft Group

The Shyft Group, Inc. and its subsidiaries operate as a market leader in specialty vehicle manufacturing and assembly for the commercial vehicle (including last-mile delivery, specialty service and vocation-specific upfit segments) and recreational vehicle industries. The company’s products include walk-in vans, truck bodies, and cargo van and pick-up truck upfits used in e-commerce/parcel delivery, upfit equipment used in the mobile retail and utility trades, as well as luxury Class A diesel motorhome custom chassis and contract manufacturing and assembly services. The company also supplies replacement parts and offer repair, maintenance, field service and refurbishment services for the vehicles that it manufactures. The company’s operating activities are conducted through its wholly-owned operating subsidiary, The Shyft Group USA, Inc., with locations in Novi, Charlotte, and Plymouth, Michigan; Bristol, Indiana; Waterville, Maine; Landisville, Pennsylvania; North Charleston, South Carolina; Pompano Beach and West Palm Beach, Florida; Kansas City, Missouri; Carson, McClellan Park, and Montebello, California; Mesa, Arizona; Dallas and Weatherford, Texas; and Saltillo, Mexico. The company’s vehicles, parts and services are sold to commercial users, original equipment manufacturers (OEMs), dealers, individual end users, and municipalities and other governmental entities. Segments The company operates through two reportable segments: Fleet Vehicles and Services (FVS) and Specialty Vehicles (SV). Fleet Vehicles and Services segment This segment manufactures commercial vehicles used in the e-commerce/last mile/parcel delivery, beverage and grocery delivery, laundry and linen, mobile retail, and trades and construction industries through the company’s Bristol, Indiana; Landisville, Pennsylvania; and Charlotte, Michigan locations. The company’s commercial vehicles are marketed under the Utilimaster brand name, which serves a diverse customer base and sells aftermarket parts and accessories for walk-in vans and other delivery vehicles. The company also provides vocation-specific equipment upfit services, which are marketed and sold as Utilimaster Upfit Services, through its manufacturing operations in Kansas City, Missouri; North Charleston, South Carolina; and Saltillo, Mexico. The company’s Fleet Vehicles and Services segment employed approximately 400 contractors as of December 31, 2022. The company offers fleet vehicles in Gross Vehicle Weight Rating (‘GVWR’) Class 1 through Class 7, the largest range of product offerings amongst its competitors. Products Walk-in Vans: Assembled on a de-contented or ‘stripped’ truck chassis supplied with engine and drive train components, the company’s walk-in vans are used across a variety of vocations for multiple delivery and mobile service options. The vehicles feature a durable and lightweight aluminum body with a highly modularized cargo area, featuring extensive driver ergonomics options and a low step-in height for easy entry and egress. Truck Bodies: Utilimaster dry van truck bodies are the industry standard for heavy-duty commercial delivery and are installed on chassis from a variety of manufacturers, which are supplied with a finished cab. They feature a highly customizable cargo area for maximum versatility and are manufactured with anti-rust galvanized steel, Utiliplate, and aluminum component parts. Available with cargo lengths from 10 to 28 feet and interior heights ranging from 72 to 108 inches. Cutaway: Utilimaster cutaway truck bodies are the industry standard for medium-duty commercial delivery and are installed on chassis from a variety of manufacturers that are supplied with a finished cab. The highly configurable design can be configured with a set-back walk-through bulkhead allowing access to the cargo area from the cab. Available with cargo lengths from 10 to 18 feet and interior heights ranging from 72 to 90 inches. Velocity: A nimble, fuel efficient, and ergonomically designed walk-in van lineup built on commercial cargo van chassis across OEMs is designed to combine the cargo capacity of a traditional walk-in-van with the drivability of a smaller format vehicle. The Velocity lineup makes large product/package deliveries easy, with lower entry/egress height and 3-point grab rails at side and rear doors, and comfortable safe seats. Economical to operate, the Velocity features a lower total cost of ownership than that of a traditional walk-in van. Specialty Upfit: The company installs specialty interior and exterior upfit equipment for walk-in vans, truck bodies, cargo vans, and light duty pick-up trucks for added safety, cargo handling efficiency, and vocational functionality. Parts and Accessories: The company provides a full line of parts and accessories for its walk-in vans and truck bodies. Marketing The company markets its commercial vehicles, including walk-in vans, cutaway vans, and truck bodies, under the Aeromaster, Velocity, Trademaster, and Utilivan product brand names. The company sells its fleet vehicles to leasing companies, national and fleet accounts (national accounts typically have 1,000+ vehicle fleets and fleet accounts typically have 100+ vehicle fleets), and through a network of independent truck dealers in the U.S. and Canada. The company also markets its truck bodies direct to retail customers in select markets. The company provides aftermarket support, including parts sales and field services, to all of its fleet vehicle customers through the company’s Customer Service Department located in Bristol, Indiana. Manufacturing The company has implemented the Shyft Production System, lean manufacturing and continuous improvement in all of its fleet vehicle facilities in order to maximize efficiency. The company’s facilities are aligned with its commercial and OEM customers for the installation of upfit equipment. The company’s walk-in vans and truck bodies are manufactured on non-automated assembly lines utilizing a combination of high-skilled tradespeople and assemblers. Specialty Vehicles segment The company’s Specialty Vehicles segment includes its Spartan RV Chassis and Builtmore Contract Manufacturing brands, service bodies, and vocation specific upfit. Spartan RV is manufactured out of the company’s Charlotte, Michigan facility where it engineers and manufactures luxury Class A diesel motorhome chassis, provides contract assembly of specialty vehicles and other commercial vehicles, and distributes related aftermarket parts and accessories under the Red Diamond Aftermarket Solutions and Builtmore Contract Manufacturing brand names. The company’s service body operations include locations in Charlotte, Michigan; Carson, McClellan Park, and Montebello, California; Mesa, Arizona; Dallas and Weatherford, Texas; and Waterville, Maine. The company also provides vocation-specific equipment upfit services, which are marketed and sold under the Strobes-R-Us brand, through its manufacturing operations in Pompano and West Palm Beach, Florida. The company’s specialty vehicle products are manufactured to customer specifications upon receipt of confirmed purchase orders. As a specialty chassis and vehicle manufacturer, the company holds a unique position for continued growth due to the high quality and performance of its products, its proactive engineering, manufacturing expertise and flexibility, and the scalability of its operations. The company’s specialty vehicle products are generally sold through original equipment manufacturers in the case of chassis and vehicles and to dealers, distributors or directly to consumers for service bodies and aftermarket parts and accessories. The Specialty Vehicles segment employed less than 100 contractors as of December 31, 2022. Products Motorhome Chassis The company custom manufactures diesel chassis for luxury Class A motorhome to the individual specifications of its motorhome OEM customers under the Spartan RV Chassis brand name. These specifications vary based on specific interior and exterior design specifications, gross vehicle weight, horsepower, and electrical needs of the motorhome bodies to be attached to the company’s chassis. The company’s motorhome chassis feature diesel engines of 360 to 605 horsepower and are used in motorhomes ranging from 34 to 45 feet. The company’s motorhome chassis are separated into four models: the K1, K2, K3, and K4 series chassis. Contract Manufacturing The company provides final assembly services for Isuzu N-gas and F-series chassis for the North American market under the Builtmore Contract Manufacturing brand name. These class 3 and class 5 chassis are utilized in a variety of final configurations for light duty freight hauling and industrial uses. The company has an efficient, flexible and a highly skilled team of assembly workers and management, which, along with a dedication to lean manufacturing and continuous improvement, allow it to deliver superior quality and value in contract manufacturing. Service Bodies The company manufactures and assembles truck bodies for a variety of trades and vocations. Those body configurations include utility bodies, stake bodies, contractor bodies, dump/landscape bodies and vocational dry freight bodies under the Royal Truck Body and DuraMag brand names. Specialty Upfit The company designs and installs custom lighting and upfit solutions to meet the unique needs of certain fleet industries, including a range of specialty industries, such as law enforcement, Department of Transportation, security companies, and providers of funeral, towing, and utility services. The company provides durable, reliable, and high-quality product installations for any vehicle requiring specialty exterior and interior accessory upfits. Parts and Accessories The company provides truck accessories under its Magnum brand and provide a full line of parts and accessories, as well as maintenance and repair services for the company’s motorhome and specialty chassis. Marketing The company sells its Class A diesel motorhome chassis to OEMs for use in the manufacturing of luxury motorhomes. The company actively participates in a variety of trade shows and motorhome rallies that promote its products and Red Diamond aftermarket solutions in addition to providing an opportunity to communicate with its end customers to showcase the company’s latest innovations and identify needs and opportunities for continuous improvement of its chassis. The company sells its service bodies through a commercial dealer network and through OEM pools. The company actively participates in a variety of regional and national trade shows that promote its products. The company also provides vocation-specific equipment upfit services, which are marketed and sold under the Strobes-R-Us brand. The company is expanding the marketing of Magnum accessories beyond work trucks to include outdoor enthusiasts and truck owners. Manufacturing The company’s motorhome chassis, service body, and specialty manufacturing operations employ the Shyft Production System, lean manufacturing, and continuous improvement to bring efficiency and cost reduction throughout its Specialty Vehicles segment. The company engineers, manufactures, and assembles Spartan RV chassis, as well as other specialty vehicles on non-automated assembly lines. The company assembles both the Isuzu N-gas and F-series chassis on high-volume assembly lines that utilize a variety of state-of-the-art automation and testing equipment. Research and Development The company spent $25.3 million on research and development in 2022. Patents, Trademarks and Licenses The company has 18 United States patents, which include rights to the design and structure of chassis and certain peripheral equipment. The company has 22 United States, Canada, and Patent Cooperation Treaty pending patent applications. The existing patents will expire on various dates from 2025 through 2040 and utility patents are subject to payment of required maintenance fees. It also owns or licenses 103 federal and international trademark and service mark registrations. Customer Base The company serves customers ranging from municipalities to OEMs to commercial customers and vehicle dealers throughout its product lines. History The company was founded as a Michigan corporation in 1975. It was incorporated in 1975. The company was formerly known as Spartan Motors, Inc. and changed its name to The Shyft Group, Inc. in 2020.

Country
Industry:
Motor Vehicles and Passenger Car Bodies
Founded:
1975
IPO Date:
06/19/1984
ISIN Number:
I_US8256981031
Address:
41280 Bridge Street, Novi, Michigan, 48375, United States
Phone Number
517 543 6400

Key Executives

CEO:
Dunn, John
CFO
Douyard, Jonathan
COO:
Data Unavailable