Transportation provider to invest over $100M of proceeds in intermodal chassis
For the first time since 2010, one of the nation’s leading transportation providers has gone public. Shares of Schneider National began trading on the New York Stock Exchange floor on Thursday, April 6.
Introduced at $19 per share in an Initial Public Offering, which is where it also closed the day after trading slightly higher, the sale is expected to be used to pay down debt and make an investment in intermodal, Chris Lofgren, president & CEO, told Bloomberg.
“We run on the railroads for a big part of our business and we’re going to buy chassis that move those boxes, so $110 million [is the] investment we’re going to make there,” Lofgren said.
For the first time since 2010, one of the nation’s leading transportation providers has gone public. Shares of Schneider National began trading on the New York Stock Exchange floor on Thursday, April 6.
