Schneider National exits glass business
After more than 15 years in the glass-hauling business, Schneider National Inc. of Green Bay, Wis., is calling it quits. Last week, the company sold its glass division, Schneider Specialized, to Maverick USA Inc. of Little Rock, Ark.
“[Schneider Specialized] has been a solid performer for several years,” says Scott Arves, president of transportation for Schneider. “But there are an awful lot of synergies between hauling glass and hauling other flat-bed products. We felt it was in the best interest of customers to have it aligned with another flat-bed company.”
Officials from both companies announced the deal June 12. Maverick will acquire all assets of the Schneider Specialized Division, including 380 tractors, 870 trailers, more than 425 drivers and independent contractors, 80 office and maintenance associates, load-related equipment and several facilities.
Schneider officials’ search for a buyer started about six months ago, when they developed a list of eight to 10 potential candidates, Arves says. “We looked for a flat-bed industry leader, and [a company] we felt would be a good cultural fit and would take care of customers and associates,” he says. “Maverick was the best candidate based on those criteria.”
Maverick currently operates 1,170 trucks in 48 states. The company’s pre-acquisition revenue for 2006 is estimated at $250 million, says Stephen Selig, president and chief operating officer of Maverick. "[The acquisition] adds market diversity for us. We see it as an area we can grow," he says.
The deal should go through at the end of July, allowing Maverick to align its operating systems and integrate all employees into its benefits plan, he says. Financial terms of the deal were not disclosed.
The new division, Maverick Specialized, will operate independently in the same manner as Schneider Specialized, Selig says. “The current general manager and directors of the company are all staying and our intentions are to retain all other current personnel,” he says. Maverick Specialized also will operate thorough glass-hauling training programs, as Schneider Specialized did.
Arves says the sale does not indicate downsizing at Schneider National. Rather, “we’ve made two acquisitions in last six months, and we’re going to continue to grow double-digits every year,” he says. “This really was a situation where we thought the company and the customers would be better served through a sale.”