Schneider, Now Public, Initiates Trading
Truckload carrier Schneider said its Class B common stock began trading on the New York Stock Exchange on April 6 under the ticker symbol SNDR, and offered 28,947,000 shares initially priced at $19 per share.
Schneider driver Bob Wyatt, who has been with the company for 44 years and has logged more than 5 million miles without an accident, was an easy choice for the honor of ringing the bell to open the day’s trading at the exchange, the Green Bay, Wis.-based company said.
The most tenured current associate in Schneider’s fleet of more than 11,000 company drivers, Wyatt was joined on the podium to celebrate a momentous moment in the company’s 82-year history by members of Schneider’s leadership team and the Schneider family, the company said.
“This allows the company to continue its commitment to Wisconsin and the communities in which we live and operate, while maintaining and enabling further investments in our long-term positioning,” Schneider CEO Chris Lofgren said in a statement. “The Schneider family, management team and board of directors are aligned that this is in the best interests of our company and its associates, customers and shareholders.”
Before going public, Schneider had been the largest privately owned for-hire carrier in the United States and Canada. It remains the second-largest overall. The company in December filed documents with the Securities and Exchange Commission outlining its plan.
Schneider ranks No. 7 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
Schneider family members remain in control of the company as they hold all of the Class A stock, which carries 10 votes for each vote of the Class B stock that will be sold to the public.
