Schneider drops plans to spin off logistics group

GREEN BAY, Wis. (Sept. 5, 2001) — Schneider National said yesterday that it has dropped plans to spin-off and execute an initial public offering of its wholly owned subsidiary, Schneider Logistics.

The company said it based its decision on the current state of the equity capital markets coupled with the fact that Schneider National has been able to provide “substantial resources to Schneider Logistics and does not see a current need to access outside equity capital to fund SLI’s future growth.”

In a letter and email to customers, Chris Lofgren, chief executive officer of Schneider Logistics, said, “We will continue to take strong steps to position Schneider Logistics as a dominant player in global supply chain integration. Our projected 2001 growth rate of 45% attests to the fact that our services are creating recognized value for a growing number of customers.”

Schneider Logistics will continue to operate as a wholly owned subsidiary of Schneider National. It will function as a separate non-asset based company, providing a suite of services in the logistics marketplace.