Smith Electric Ownership Moves to USA
Smith Electric Vehicles US Corp has purchased its UK-based parent company, Smith Electric Vehicles Europe Ltd, creating the world’s largest manufacturer and market leader in commercial electric vehicles. The new, united company is now exploring the potential for an Initial Public Offering (IPO, or stock market flotation) later in 2011.
Bryan Hansel, CEO of Smith Electric US, said: “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.
“The unification of Smith Electric Vehicles will create operational efficiencies and market synergies that will make Smith more financially sound and productive.”
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Program funded in the first year by $10 million of federal Congestion Mitigation and Air Quality.
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