M&A
Schneider National M&A Pipeline Ready, Poised for Dedicated Contract Logistics Growth
Schneider National is expanding its dedicated transportation business through acquisitions. CEO Mark Rourke stated at an investor conference on November 12 that the company intends to acquire more carriers, noting that scale is critical in this market. Between 2022 and 2024, the company acquired Midwest Logistics Systems, M&M Transport Services, and Cowan Systems, with each deal involving specialized equipment or long-term contracts. CFO Darrell Campbell revealed that opportunities exist in the current market and the company has a robust pipeline of acquisition targets.
Forward Air's third-quarter operating profit fell nearly 34% year-over-year
Forward Air's third-quarter operating profit fell nearly 34% year-over-year to $15 million, with losses in other businesses widening to $18.3 million. The company has implemented cost-cutting measures and is considering strategic alternatives.
XPO expects $35 million charge due to legacy insurance litigation from acquisition
XPO expects to record a charge of approximately $35 million in its third-quarter earnings to address a long-running insurance lawsuit stemming from its 2015 acquisition of Con-way. The case involves environmental and product liability claims related to a truck and parts manufacturing plant sold by a Con-way subsidiary in 1981, which has been litigated in Oregon state court for over ten years. A final judgment has not yet been rendered, and the charge is an estimate.