Trucking company Schneider National Inc. is looking to expand its role in chemical distribution through an investment in a startup that is building an online marketplace for industrial raw materials.
The Green Bay, Wis.-based carrier led a Series A funding round for ChemDirect Inc. that will give Schneider a minority stake in the business and make the trucking company a key logistics connection for the digital operation.
Schneider would provide trucks for shipments booked through ChemDirect and would manage the logistics with other companies, including using rail-truck intermodal operations.
The move brings Schneider, which operates a fleet of roughly 9,000 tractors, deeper into the U.S. chemicals industry, which generates $486 billion annually, according to the American Chemistry Council.
The terms of the investment, which would give Schneider a 12% to 13% stake in the business, weren’t disclosed.
The minority stake in ChemDirect includes an agreement that will make Schneider a transportation and logistics provider for the startup.
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