Schneider National Inc., the largest U.S. privately owned trucking company, registered with securities regulators in December for a public stock offering,
the
Milwaukee Journal Sentinel
reported.
The company plans a dual-class stock structure that will keep control in the Schenider family by giving shares held by family members 10 times the voting power of stock held by the public, the article said.
“The prospectus calls for raising up to $100 million in the IPO, but notes that the figure is an estimate provided to compute the amount of the registration fee,” the article said.
Schneider's revenues in 2015 were $3.96 billion, an increase of about 16% from 2011. Net income rose from $72.3 million in 2011 to $140.9 million in 2015, the
Journal Sentinel
reported, citing the prospectus. During the first nine months of 2016, revenue was $2.98 billion, and net income was $109.1 billion, the article said.
Don Schneider stepped down from his post as president and CEO in 2002 and was succeeded by a non-family member, Christopher Lofgren. Schneider, who suffered from Alzheimer's disease, died in 2012.
Noel Perry, a former corporate economist at Schneider who is now with FTR, a trucking industry consulting firm, told the
Journal Sentinel
that Don Schneider's five children have not shown much interest in running the company. “So converting some of that stock into a liquid asset that they could reinvest someplace else, or spend — whatever they want to do with it — makes sense,” Perry said. (Source:
Milwaukee Journal Sentinel,
Dec. 22, 2016.)
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