Business sales activity rose slightly in June from May but remains well below 2024 levels.
Most activity came in the supplier sector as dealers and aftermarket acquisition pace remains soft amid market softness.
The first transaction of note in June was a big one, the June 10 announcement that Daimler and Toyota would integrate Mitsubishi Fuso and Hino Trucks into a new holdings company in which the two entities will hold equal states. “The now decided integration of Mitsubishi Fuso and Hino Motors is truly historic. We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization of transportation,” said Karin Rådström, CEO at Daimler Truck.
PHINIA followed the next day, announcing a definitive agreement to acquire all of the issued and outstanding shares of Swedish Electromagnet Invest AB (SEM), a prominent provider of advanced natural gas, hydrogen and other alternative fuel ignition systems. “SEM’s product portfolio complements PHINIA's business by adding over a century of industrial experience and expertise in advanced ignition solutions for on- and off-road commercial and industrial engines,” said Brady Ericson, president and CEO at PHINIA.
Moving off the road, Allison also announced on June 11 its purchase of Dana's off-highway business, which the company stated aligns with its priorities to expand in emerging markets. "This acquisition marks a transformative milestone in our commitment to empowering our current and future customers with propulsion and drivetrain solutions that improve the way the world works," said David Graziosi, Allison's chair and CEO. "We look forward to harnessing this momentum to increase value for all of our stakeholders worldwide."
The next week Shyft Group announced its shareholders voted to approve and adopt its merger agreement with Aebi Schmidt Group. The combined company will operate under the name Aebi Schmidt Group. "We are establishing a differentiated, global leader in the specialty vehicles industry with a shared focus on customers and operational excellence, which positions us well for continued growth. I firmly believe this strategic combination will unlock meaningful value for customers and shareholders," said Barend Fruithof, CEO of Aebi Schmidt.
The only dealer move of the month was Rush Enterprises, as Rush Truck Centres of Canada acquired Canadian bus dealership group Leeds Transit on June 19. The move adds bus dealerships in three provinces to the Rush footprint. "We are very excited to announce this transaction," said Kevin G. Tallman, CEO of Rush Truck Centres of Canada. "Leeds Transit is a highly respected name in the bus industry. We are grateful to Kelly Backholm and his family for the opportunity to carry forward the legacy of this outstanding company."
