MINNEAPOLIS & GREEN BAY, Wis., Jun 21, 2006 (BUSINESS WIRE) -- U.S. Bank, the lead bank and subsidiary of U.S. Bancorp
(NYSE:USB), and Schneider National, Inc., the nation's largest
truckload provider, have announced that U.S. Bank will purchase
Schneider Payment Services (SPS), a division of Schneider National,
The acquisition is anticipated to close on July 1, 2006, at which
time the new business will operate as U.S. Bank Freight Payment
Services, rounding out PowerTrack's ability to service freight payment
customers by adding a fully-managed solution. PowerTrack has
traditionally focused on technology that can be used internally within
a company to automate the pre-payment audit process, facilitating
fast, accurate electronic payments.
The acquisition adds in excess of $7 billion in freight payments
to the PowerTrack portfolio, making U.S. Bank PowerTrack the clear
leader in freight payments. In addition, Schneider Logistics will
utilize U.S. Bank Freight Payment Services and PowerTrack as the
payment provider for its customers in North America. Terms of the
purchase were not disclosed.
"We are excited about adding the experience of 200 freight payment
professionals to the PowerTrack team," said Kevin Armstrong, senior
vice president and general manager for PowerTrack. "In addition,
PowerTrack will add the capability to provide a fully-managed freight
payment solution for our customers as well as the ability to handle
larger volumes of paper invoices."
"This purchase is significant not only because it makes us the
world's leading provider of freight payments, but also because the
purchase supports U.S. Bank's strategy to build fee-based revenue
opportunities from our payments businesses and opens a new stream of
business opportunity as we offer our full suite of payment and banking
services to these customers," said Robert Abele, president of U.S.
Bank Corporate Payment Systems.
"Schneider Payment Services has achieved wide recognition as a
leader in the North American freight audit and payment marketplace and
has created great value for its diverse customers. We believe this
transaction will create a clear leader in the freight audit and
payment business and will create great opportunities for the
associates and customers," said Chris Lofgren, president and CEO of
Schneider National, Inc.
About Schneider National Inc.
Schneider National Inc. is a premier provider of truckload,
logistics and intermodal services. Serving more than two-thirds of the
FORTUNE 500(R) companies, Schneider National offers the broadest
portfolio of services in the industry. The company's transportation
and logistics solutions include One-Way, Intermodal, Transportation
Management, Dedicated and Bulk. With wholly owned subsidiaries
Schneider Logistics, American Port Services and American Overseas Air
Freight, Schneider National is the only truckload carrier to offer
customers end-to-end domestic and international logistics solutions.
Headquartered in Green Bay, Wis., Schneider National has provided
expert transportation and logistics solutions for more than 70 years.
A $3.5 billion company, Schneider National conducts business in more
than 28 countries in North America, Europe and Asia, and continues to
grow its international service offerings. For more information about
Schneider National visit www.schneider.com or call 800-558-6767.
About U.S. Bank PowerTrack
PowerTrack processes more than 25 million electronic freight
documents annually with more than 25,000 registered users from 3,300
locations worldwide. Currently, PowerTrack facilitates electronic
freight payments in more than 35 countries and facilitates immediate
payments to carriers for all transportation modes, including motor
freight, air, rail, and ocean services. In addition to settlement
capabilities in local currencies, the European Service Center provides
a complete global freight payment solution for PowerTrack customers.
PowerTrack is a patented, electronic, business-to-business payment
network from U.S. Bank Corporate Payment Systems that greatly expands
the concept of EIPP and invoice presentment. Some of the country's
largest commercial and government organizations use PowerTrack to
streamline business-to-business payment processes by enabling robust
pre-payment audits, real-time exception identification, collaborative
resolution, and integrated accounts payable and accounts receivable
processing. PowerTrack pays sellers quickly while maintaining generous
payment terms for buyers, reduces collections risk for sellers, and
delivers exceptional control for cash managers. To learn more about
PowerTrack Freight Payments or for a demonstration, call 800-417-1844
or visit PowerTrack online at www.powertrack.com.
U.S. Bank Corporate Payment Systems is part of U.S. Bancorp
(NYSE:USB). With assets of $210 billion, U.S. Bancorp is the 6th
largest financial holding company in the United States. The company
operates 2,430 banking offices and 4,941 ATMs, and provides a
comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
SOURCE: U.S. Bank
Teri Charest, 612-303-0732
Judith Murphy, 612-303-0783
Janet Bonkowski, 920-592-2865
Holly Wolfe/Belinda Donovan, 866-332-8522 or 207-773-0700