Say goodbye to CFI and hello to a bigger Con-way

| Friday, January 11, 2008

The trucks will still bear the CFI markings for a while, but as of Thursday, Jan. 10, the name of the company has been changed to Con-way Truckload.

California-based Con-way got the Missouri-based Contract Freighters Inc. as part of a $750 million deal in August 2007 that also included Transportation Resources Inc.

The combined companies now have 2,800 tractors, 8,000 trailers and 3,500 employees.

According to a statement from Fitch Ratings, an international credit rating agency, the purchase and a restructuring move has given Con-way a stronger economic base.

“The acquisition of TRI and its Contract Freighters Inc. truckload subsidiary has diversified Con-way’s revenue base while also driving additional cost savings, as CFI was the LTL operation’s largest third-party linehaul transportation provider prior to the acquisition,” stated a Fitch Ratings report.

“Along with the rest of the U.S. trucking industry, Con-way’s less-than-truckload business has been challenged over the past year. ... To offset the effects of the weaker pricing environment, Con-way has undertaken a restructuring initiative to combine its three regional U.S. LTL companies into a single operation, which will reduce administrative overhead expenses and increase operational synergies within the LTL business.”

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