| Type | Public Company |
|---|---|
| Traded as | NYSE: CNW |
| Industry | Transportation, distribution |
| Founded | Portland, Oregon (1929) as Consolidated Truck Lines |
| Headquarters | Ann Arbor, Michigan |
| Key people | Leland James (Founder) Douglas W. Stotlar (President & CEO) |
| Products | Less than truckload shipping Full truckload freight Warehousing Logistics services Supply-chain management |
| Revenue | US$ 4.952 billion (2010)[1] |
| Operating income | US$ 78.170 million (2010)[1] |
| Net income | US$ 3.985 million (2010)[1] |
| Total assets | US$ 2.943 billion (2010)[1] |
| Total equity | US$ 819.532 million (2010)[1] |
| Employees | 27,900 (December 2010)[1] |
| Subsidiaries | Con-way Freight Menlo Worldwide Logistics Con-way Truckload |
| Website | Con-way.com |
Con-way, Inc. (NYSE: CNW) is a freight transportation and logistics company with businesses in less-than-truckload (LTL) and full truckload freight services, truckload brokerage, logistics, warehousing, supply chain management and trailer manufacturing, based in Ann Arbor, Michigan. Con-way’s services are used by some 400,000 customers. Its operations and subsidiaries employ approximately 28,000 people.
The company changed its name from CNF, Inc. on 18 April 2006. The initials CNF were the company's previous NYSE stock ticket symbol. Con-way's new symbol is "CNW."
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Con-way traces its heritage to Leland James, who in 1929 founded a small regional trucking company in Portland, Oregon. James, the son of a river pilot, had been successful operating a large retail tire business and later a private inter-city bus company in Portland. Believing that he could find more profits moving freight instead of people, he sold his previous businesses and acquired several local freight companies, and on April 1, 1929, combined them to form Consolidated Truck Lines. Unlike most trucking concerns of the day, CF began as a company rooted in the western United States, and expanded east. In 1939, the corporate name of the company was officially changed to Consolidated Freightways, Inc. By the 1990s, the company moved into other markets, starting Menlo Worldwide Logistics and acquiring Emery World Airlines. Consolidated Freightways (CF), a union shop, was spun off in 1996 to a standalone entity and CNF, Inc. was formed to hold Menlo, Emery, and a new less than truckload non-union firm named Con-Way. Consolidated Freightways operated for several years but ultimately filed for bankruptcy, ceasing operations on Labor Day, September 2, 2002.
Emery World Airlines had a tumultuous history. After the acquisition of Purolator and a United States Postal Service contract dispute, EWA suffered two maintenance-related crashes in the 1990s and was grounded by the Federal Aviation Administration. In December 2004, CNF sold Emery (rechristened Menlo Forwarding) to UPS for $100 million in cash and $260 million in assumed debt.
Con-way's LTL service is now called Con-way Freight; other components are Menlo Worldwide Logistics, Con-way Truckload, Con-way Mexico, Con-way Multimodal (formerly Con-way Truckload Services), and Con-way Freight-Canada.
Con-way recently acquired Contract Freighters, Inc. (CFI), a privately held North American truckload carrier based in Joplin, Missouri, in a transaction valued at $750 million. Founded in 1951, CFI operates over 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 joined the NASCAR sport in 2006, announcing the sponsorship of the #60 Craftsman Truck Series Toyota of Jack Sprague, scoring two victories.
Wyler Racing and Con-way Freight jointly announced the extension of Con-way Freight's partnership with the sponsorship of Wyler's No. 60 Con-way Freight Toyota Tundra in the NASCAR Craftsman Truck Series for the 2007 racing season. Wyler Racing also announced that three-time NASCAR Craftsman Truck Series champion Jack Sprague will be back behind the wheel of the Con-way Freight machine in 2007.
Con-way Freight sponsored the #16 Roush Fenway Racing Ford in the NASCAR Nationwide Series, driven by 2008 NASCAR Camping World Truck Series Raybestos Rookie-of-the-Year Colin Braun in 18 races, plus a run for Rookie of the year.
In December 2011, the non-partisan organization Public Campaign criticized Con-Way for spending $2.29 million on lobbying and not paying any taxes during 2008-2010, instead getting $26 million in tax rebates, despite making a profit of $286 million and increasing executive pay by 11%.[2]
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