Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, December 6, 2024

Article Excerpt

SCHNEIDER NATIONAL INC., $31.47, symbol SNDR on New York, is a Green Bay, Wisconsin-based transportation and logistics company. In business for 89 years, Schneider has three operating segments: Truckload (48% of revenue), Intermodal (24%), and Logistics (28%). On November 24, 2024, the company announced its acquisition of Cowan Systems LLC for $390 million cash. It also purchased some of Cowan Systems’ real estate for $31 million. Baltimore-based Cowan is a contract carrier whose services include brokerage, drayage, and warehousing. (Drayage is the transportation of shipping containers by truck to their final destination. Drayage is often part of a longer overall move, such as from a ship to a warehouse.) Cowan has more than 40 locations in the eastern U.S. and primarily services the retail, food and beverage, industrial, and building materials industries. Its fleet includes 1,800 trucks, 7,500 trailers and a contracted network of 500 owner-operators. The firm reported revenue of $670 million in 2023. Cowan’s lightweight equipment aims to let customers move more…