Schneider to Spin Off Logistics, Offer Shares on Public Market
Schneider National, a $3 billion freight transportation company, plans to spin off its logistics business as a separate entity, making shares of it available to the public.
The privately-held truckload giant is seeking outside investment to speed technology development and to pay for products and services that will expand its reach to international markets, company officials said. It named Chris Lofgren, former chief operations officer for Schneider National, as Schneider Logistics’ chief executive officer.
The Green Bay, Wis., company’s decision portends a trend toward trucking firms spinning off their logistics services and other side businesses, Wall Street observers said.
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Schneider is likely to offer minority ownership of Schneider Logistics through the sale of public stock, said Tim Fliss, vice president of human resources. Existing shareholders — including founder Donald Schneider, his family and a number of company officials — will maintain a majority share in Schneider Logistics, Fliss said.
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