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Jan 11, 2011

TRUCKMAKERS NEWS * USA - Purchase of U.K. parent sets Smith Electric up for growth in 2011

Kansas City,MISS,USA -Fleet Owner -Dec 27, 2010: -- Nearly nine months after making a first offer, Smith Electric Vehicles U.S. (Smith) reached agreement last week to purchase its parent company, Smith Electric U.K., from Tanfield Group for $15 million... The sale gives Smith a 51% ownership stake in the global company, and positions it for a potential initial public offering (IPO) in 2011, the company said in a release... Smith began offering its flagship Smith Newton in 2009. The all-electric delivery vehicle has a top speed of 55 mph and a range of 100 mi. on a single charge. Sales of the vehicle have been boosted by some high-profile entities placing orders for the vehicle in 2010, including Frito-Lay purchasing 176 of the trucks and an initial order for two of the trucks by the U.S. Marine Corps...

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