American electric vehicles company Smith Electric Vehicles U.S. has made a conditional offer to buy the UK-based Smith Electric Vehicles business from Tanfield Group. The offer is said to be conditional upon successful financing by Smith U.S. and shareholder approvals on the part of Tanfield. To this end, the Tanfield board of has granted Smith U.S. a four-month period of exclusivity.
"Once completed, this transaction will create a unified entity that will be well positioned globally for growth in the rapidly expanding electric commercial vehicle market," said Bryan Hansel, CEO of Smith U.S. "We believe this combination will create operational efficiencies and market synergies that will help Smith continue its strong sales momentum and cost reductions."
Kansas City-based Smith Electric Vehicles U.S. is an all-electric zero-emissions commercial truck manufacturer owned by private investors, senior management and Tanfield. The company licenses its proprietary technology from the Smith Electric Vehicles business in the UK.
