On Friday Green Bay-based Schneider, one of the nation’s biggest privately held trucking companies, announced that it plans to go public in 2017.
Company Plans To Keep Controlling Ownership Within Family
According to the announcement, Schneider will seek an initial public offering (IPO) at some time in 2017 if market conditions are favorable. Schneider says that they plan to allow family members to keep controlling ownership of the company while allowing for further professional development in the long term future.
The company says that they believe the decision to go public is in the best interest of the community and customers: “This transaction will allow the company to continue its commitment to Wisconsin and the community, and to maintain and further investments in its long-term positioning. The Schneider family and the board of directors believe the planned transaction is in the best interests of Schneider, its associates, customers and shareholders.”
From A Single Truck To $4 Billion In Annual Reveue
Schneider was founded by A.J. “Al” Schneider in 1935 with a single blue and white truck. His son Donald took over in 1961 and remained with the company as chairman until 2007. Donald died from complications with Alzheimer’s Disease in 2012.
Schneider’s annual revenue is an estimated $4 billion. The company currently employs 11,560 company drivers and 2,900 owner-operators.
Looks like dad will be 1st in family to experience an IPO. Learned so much from you! Do business for the “long haul” https://t.co/eXwEkQvQFt
— Megan Costello (@megcos) October 8, 2016
Sources:
The Milwaukee Business Journal
The Green Bay Press-Gazette
The Milwaukee Journal-Sentinal