SCHNEIDER NATIONAL DECIDES AGAINST SPIN-OFF, IPO OF SCHNEIDER LOGISTICS
Schneider National Inc. said it has canceled plans to spin off and execute an initial public offering of Schneider Logistics Inc., a wholly owned subsidiary.
Green Bay, Wis.-based Schneider National said the decision was based on the “current state of equity capital markets, coupled with the fact that Schneider national has been able to allocate substantial resources to Schneider Logistics and does not see a current need to access outside equity capital to fund SLI's future growth.”
Chris Lofgren, chief executive officer of Schneider Logistics, said in a letter and e-mail to customers that the company projects a 2001 growth rate of 45 percent.
SLI has boosted its investment in technology and staffing over the past year, Lofgren added.