AEBI | Market Cap: $922.7M (07/13/26)
Industry:
Capital Goods

DESCRIPTION

Aebi Schmidt is a Swiss-headquartered manufacturer of specialty vehicles and equipment, operating across two core areas: winter road and airport maintenance equipment, and specialty vehicle upfitting in North America. The winter maintenance business — sold under the Schmidt brand, which dates to 1920 — produces snowplows, spreaders, de-icers, and sweepers used by municipalities, airports, and contractors across Europe and North America. The North American upfitting business builds and customizes commercial work trucks for municipalities, utilities, emergency services, and delivery fleets, operating under brands including Monroe, Utilimaster, Swenson, and Meyer. Aebi Schmidt also produces airport ground support equipment, Class A RV chassis under the Spartan brand, and slope tractors for steep-terrain farming in Europe under the Aebi brand. The company sells directly through operations in 17 countries and via dealer networks in over 90 more. Revenue is driven by unit volumes, product mix, and aftermarket parts and service. Most North American upfitting work uses a chassis-light model, where the base chassis is supplied by an OEM or customer, reducing capital intensity. The business is back-half weighted due to government budget cycles and seasonal demand for winter equipment. In July 2025, Aebi Schmidt acquired Shyft Group, a Michigan-based specialty vehicle manufacturer, significantly expanding its North American platform and shifting the geographic mix so that North America now represents roughly 61% of total sales.

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