Con-way
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 | |
| Formerly | Consolidated Truck Lines |
|---|---|
| Company type | Public |
| NYSE: CNW | |
| Industry | |
| Founded | 1929 in Portland, Oregon |
| Founder | Leland James |
| Headquarters | Ann Arbor Charter Township, Michigan |
Key people | Douglas W. Stotlar (president & CEO) |
| Products | |
| Revenue |  US$5,806 million (2014) |
| US$268 million (2014) | |
| US$137 million (2014) | |
| Total assets | US$3,336 million (2014) |
Number of employees | 30,100 (2014) |
| Subsidiaries | |
| Website | con-way |
| Footnotes / references [1] | |
Con-way, Inc. (NYSE: CNW) was an American multinational freight transportation and logistics company headquartered in Ann Arbor, Michigan, United States. With annual revenues of $5.5 billion,[2] Con-way was the second largest less-than-truckload transport provider in North America, with additional operations for global contract logistics, managed transportation, truckload and freight brokerage. The company's services were sold through its primary operating companies of Con-way Freight, Con-way Truckload and Menlo Worldwide. These operating units provided less-than-truckload (LTL), full truckload and multimodal freight transportation, as well as logistics, warehousing and supply chain management services. Con-way, Inc. and its subsidiaries operated from more than 500 locations across North America and in 20 countries.
The company was known as Consolidated Freightways, Inc. until 1996 when it spun off its long-haul trucking subsidiaries, CF MotorFreight and four others, into a separate, independent company which took the name Consolidated Freightways Corporation. The parent company was renamed CNF Transportation Inc. at the time of the split and retained a set of LTL subsidiaries which had been operating under the name Con-way as well as its other logistics and freight forwarding subsidiaries.[3] The spinoff long-haul business, Consolidated Freightways Corporation, filed for Chapter 11 bankruptcy on September 3, 2002, and ceased operations.[4]
In 2006, CNF rebranded itself Con-way, Inc.[5] On September 9, 2015, it announced it was being acquired by XPO, Inc..[6] The sale was completed on October 30, 2015[7] and the Con-way brand had been retired by May 9, 2017.[8]
History
[edit]Con-way's heritage dated from 1929, when industry pioneer Leland James founded an intercity trucking company in Portland, Oregon. Initially named Consolidated Truck Lines, the company grew from a one-truck operation into one of the largest long-haul carriers in the United States by the early 1980s, and became one of the few freight transportation firms to originate in the West and successfully expand eastward.[9] Consolidated headquarters were moved to the San Francisco Bay Area in the 1950s.
In 1996, Consolidated's unionized long-haul trucking company, CF MotorFreight, was spun off as Consolidated Freightways, Inc., creating two separate publicly traded companies. Consolidated Freightways, Inc. was renamed CNF Transportation, Inc., reflecting the familiar stock ticker symbol of the company (CNF).
Consolidated Freightways Corporation filed for Chapter 11 bankruptcy on September 3, 2002, and ceased operations.
In 2006, the CNF Transportation changed its name to Con-way, Inc, and the company's NYSE stock ticker was changed from CNF to CNW.
In 2007, Con-way acquired Contract Freighters, Inc. (CFI),[10] a privately held North American truckload carrier based in Joplin, Missouri, in a transaction valued at $750 million. Founded in 1951, CFI operated more than 2,600 tractors and more than 7,000 trailers, with more than 3,000 employees including approximately 2,500 drivers that serve customers throughout North America.
Con-way moved its headquarters from San Mateo, California to Ann Arbor, Michigan in 2011.[11]
On September 9, 2015, Con-way announced it was being acquired by XPO, Inc., and the sale was completed on October 30, 2015.
Company structure
[edit]Con-way, Inc. was the parent company for five wholly owned subsidiaries:
Con-way Freight
[edit]Con-way freight provided less-than-truckload service across North America.
Con-way Truckload
[edit]Con-way Truckload, since acquired by TFI International in 2016 renamed Contract Freighters, Inc. (CFI), provided full truckload shipping across the United States, Mexico and Canada.
Con-way Enterprise Services
[edit]Con-way Enterprise Services was the administrative and information technology division of Con-way, Inc., and was based in Portland, Oregon.
Menlo Worldwide Logistics
[edit]Menlo Worldwide Logistics designed and implemented logistics solutions across the globe.
Con-way Manufacturing
[edit]Con-way Manufacturing, formerly Road Systems, Inc., was a trailer refurbishing and manufacturing company that supplied trailing equipment to the company’s trucking fleets.
References
[edit]- ^ Con-way (30 March 2015). "Con-way Inc. 2014 Annual Report" (PDF). Con-way. Retrieved 12 November 2021.
- ^ Con-way (31 March 2014). "Con-way Inc. 2013 Annual Report" (PDF). Con-way. Retrieved 12 November 2021.
- ^ Fuller, Craig (January 3, 2020). "Online Haul of Fame: Consolidated Freightways (CF Freight)". FreightWaves. Archived from the original on November 1, 2021. Retrieved November 17, 2021.
- ^ Romero, Simon (September 3, 2002). "Consolidated Freightways Nears Collapse". The New York Times. Archived from the original on March 15, 2016. Retrieved November 11, 2012.
- ^ Con-Way. "History". Archived from the original on November 7, 2012. Retrieved November 17, 2021.
- ^ "XPO Logistics to Acquire Con-way" (Press release). Greenwich, Connecticut. Archived from the original on 11 September 2015. Retrieved 10 September 2015.
- ^ Solomon, Mark B. (30 October 2015). "XPO closes purchase of Con-way; layoffs begin within Con-way system". DC Velocity. Retrieved 4 May 2017.
- ^ "XPO Completes LTL Rebranding". Transport Topics. May 10, 2017. Archived from the original on August 16, 2021. Retrieved November 5, 2021.
- ^ "About Con-way". Con-way. Archived from the original on 16 February 2012. Retrieved 13 February 2012.
- ^ Carey, Nick (23 October 2007). "Con-way Profits Fall, Say Competition Hurts Prices". Reuters. Archived from the original on 9 September 2012. Retrieved 5 April 2012.
- ^ Bomey, Nathan (2 October 2011). "Why Con-way Inc. moved its headquarters from Silicon Valley to Ann Arbor area". AnnArbor.com. Retrieved 12 November 2021.
Further reading
[edit]- Durr, Kenneth D.; Cantelon, Philip Louis (1999). Never Stand Still: The History of Consolidated Freightways, Inc. and CNF Transportation, Inc., 1929–2000. Rockville, Maryland: Montrose Press.
- Rodengen, Jeffrey L. (2008). Lewin, Heather (ed.). The legend of Con-way : a history of service, reliability, innovation, and growth. Fort Lauderdale, FL: Write Stuff Enterprises. ISBN 978-1-932022-32-2. OCLC 224907544.
External links
[edit]| Subsidiaries and divisions | |
|---|---|
| Related | |
- Companies formerly listed on the New York Stock Exchange
- Former components in the Dow Jones Transportation Average
- Trucking companies of the United States
- Companies based in Ann Arbor, Michigan
- 2015 mergers and acquisitions
- Transport companies established in 1929
- 1929 establishments in Oregon
- Transportation companies based in Oregon
- Transportation companies based in Michigan