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Schneider to acquire Cowan Systems for $390 million 11-30-2024 03:04 PM CET | Business, Economy, Finances, Banking & Insurance Press release from: ABNewswire Schneider National, Inc., a leading transportation and logistics services company, has entered into a definitive agreement to acquire Cowan Systems, LLC, a dedicated contract carrier based in Baltimore, Md., and its affiliated entities. The transaction, announced today, is valued at approximately $390 million in cash, with additional agreements to purchase related real estate assets for about $31 million. Cowan Systems brings to Schneider a dedicated fleet of approximately 1,800 trucks and 7,500 trailers, serving customers in the retail, consumer goods, food and beverage, industrial, and building materials sectors. This acquisition is set to enhance Schneider's Dedicated segment, which will now operate over 8,400 tractors, representing around 70% of its Truckload fleet. Mark Rourke, Schneider's President and CEO, emphasized that the purchase of Cowan Systems aligns with the company's strategic vision to focus on customer-centric Dedicated solutions. Cowan Systems, which was founded in 1924, will continue to operate as a wholly owned subsidiary of Schneider, maintaining its brand and workforce. The acquisition is projected to be accretive to Schneider's earnings per share within the first year, excluding anticipated synergies. The closing of the deal, expected in the fourth quarter of 2024, is subject to customary conditions and will be financed through existing cash and borrowings under Schneider's new $400 million credit facility. The integration of Cowan Systems follows Schneider's pattern of acquiring dedicated contract carriers, including Midwest Logistics Systems and M&M Transport Services, LLC. The financial results of Cowan Systems will be reported within Schneider's Truckload and Logistics business segments after the completion of the transaction. Legal advisory for Schneider was provided by Scopelitis, Garvin, Light, Hanson & Feary, while Stifel Financial Corp (NYSE:SF). and Scudder Law Firm advised Cowan Systems on financial and legal matters, respectively. This announcement is based on a press release statement and reflects the company's expectations and projections about the acquisition's future financial performance and operational integration. In other recent news, Schneider National has seen a flurry of activity from analyst firms following its recent third-quarter earnings report. The company reported steady revenues of $1.2 billion, with adjusted diluted earnings per share falling slightly from $0.20 to $0.18. Benchmark, BofA Securities, and Evercore ISI have all adjusted their outlooks on the transportation and logistics services company. Benchmark raised its stock price target for Schneider National to $32.00, maintaining a Buy rating. This followed a third-quarter earnings report that fell short of expectations, with adjusted operating income reported at $44.3 million. Despite challenges, Schneider National's Dedicated and Intermodal business segments showed resilience and improvement, respectively. BofA Securities upgraded Schneider National's rating from Underperform to Buy, raising the price target to $34.00. This positive outlook follows the recent U.S. election and anticipates benefits to the truckload industry. However, due to weaker than expected performance in the third quarter, BofA Securities reduced its earnings per share estimates for 2024 and 2025. Evercore ISI reduced Schneider National's price target from $27.00 to $26.00 while retaining an In Line rating. This follows Schneider National's third-quarter earnings report, which disclosed an adjusted earnings per share of $0.18, falling short of projections. The company's earnings were adversely affected by a weaker performance in the Truckload and Logistics segments. These are recent developments that provide insight into the current state of Schneider National. The company continues its commitment to shareholder returns, strategic growth, and operational efficiency, as evidenced by its ongoing share repurchase program. Media Contact Company Name: ABC Private Limited Contact Person: Media Relations Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=schneider-to-acquire-cowan-systems-for-390-million ] Country: India Website: https://www.se.com/in/en/ This release was published on openPR.

Rich countries boost COP29 climate finance offer as developing nations seetheAll Times EST Slippery Rock 14, New Haven 7 Ashland 40, Charleston (W.Va.) 38 California (Pa.) 30, East Stroudsburg 27 Miles 14, Carson-Newman 13 Virginia Union 34, Wingate 31, OT Lenoir-Rhyne 37, West Ala. 34 Central Okla. 38, Ouachita Baptist 31, OT Grand Valley St. 24, UIndy 7 Harding 48, Pittsburg St. 3 Minnesota St. 20, Augustana (S.D.) 19 Western Colo. 28, Central Wash. 21 Bemidji St. 24, Angelo St. 14 Slippery Rock 25, Kutztown 24, OT California (Pa.) vs. Ashland, 1 p.m. Valdosta St. vs. Miles, 1 p.m. Lenoir-Rhyne vs. Virginia Union, 1 p.m. Ferris St. vs. Central Okla., Noon Grand Valley St. vs. Harding, 1 p.m. CSU Pueblo vs. Minnesota St., 3 p.m. Western Colo. vs. Bemidji St., 3 p.m. Slippery Rock vs. California (Pa.)-Ashland-winner, TBA Valdosta St.-Miles-winner vs. Lenoir-Rhyne-Virginia Union-winner, TBA Ferris St.-Central Okla.-winner vs. Grand Valley St.-Harding-winner, TBA CSU Pueblo-Minnesota St.-winner vs. Western Colo.-Bemidji St.-winner, TBA Slippery Rock-California (Pa.)-Ashland-winner vs. Valdosta St.-Miles-Lenoir-Rhyne-Virginia Union-winner, TBA Ferris St.-Central Okla.-Grand Valley St.-Harding-winner vs. CSU Pueblo-Minnesota St.-Western Colo.-Bemidji St.-winner, TBA Semifinal winners, 2 p.m.

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