Schneider announced the company is growing its dedicated operations with the acquisition of Ohio-based truckload carrier Midwest Logistics Systems (MLS).
MLS annual revenues are approximately $205 million, and the acquisition of 100% of the equity interest in MLS is expected to be immediately accretive to Schneider’s earnings per share, Schneider officials said in a press release.
MLS financial results will be reported in dedicated operations as part of the truckload segment beginning in the first quarter of 2022.
“With this acquisition, we believe Schneider is on track to generate $1 billion in annual revenue in our dedicated operations with over 5,000 trucks,” said Schneider President and CEO Mark Rourke.
The carrier, which employees over 1,000 professional drivers and has 900 tractors across 30 central U.S. locations, will run as an independent subsidiary of Schneider. MLS professional drivers and associates will continue to operate under the MLS name, Schneider officials said in a press release.
“Preserving the MLS identity is essential,” said Schneider President and CEO Mark Rourke. “The carrier’s family-owned nature combined with its strong culture and customer service make it a valuable contributor for growing Schneider’s dedicated operations.”