KANSAS CITY, MO – Smith Electric Vehicles U.S. finalized purchase of its United Kingdom-based parent company, Smith Electric Vehicles (U.K.), creating the world's largest manufacturer of commercial electric vehicles.
"Being in a position to unify Smith's divisions after less than two years of operating in the United States is evidence that the market for affordable, sustainable commercial fleets is fertile," said Bryan Hansel, CEO of Smith Electric U.S. "Unification of Smith Electric Vehicles will create operational efficiencies and market synergies that will make Smith more financially sound and productive."
The $15-million sale will be effective January 1, 2011. Smith U.K.'s current owner, the Tanfield Group, will retain 49% equity in Smith Electric Vehicles U.S. This percentage is subject to dilution as Smith raises additional equity capital.
Smith U.K. has been a leading manufacturer of zero-emissions battery-electric commercial vehicles in Europe since the 1920s. It operates a U.K.-wide service and support network that maintains more than 5,000 vehicles for major fleet operators.