Con-way Inc. has acquired Contract Freighters Inc., a privately held North American truckload carrier based in Joplin, Mo., in a transaction valued at $750m. Founded in 1951, CFI operates more than 2,600 tractors and more than 7,000 trailers.
With the acquisition, Con-way is active in the less-than-truckload, truckload and supply chain management arenas, says Douglas W. Stotlar, Con-way's president and CEO.
"Acquiring CFI is a significant addition to Con-way's ability to serve the customer," Stotlar says. "It establishes a superior platform for growth, clearly differentiating Con-way as a premier provider of supply chain and freight transportation solutions."
The acquisition will join CFI with Con-way's existing Con-way Truckload division, creating a business unit with over $500m in annual revenues for truckload freight. Together with the complementary capabilities of LTL carrier Con-way Freight, and global supply chain services provider Menlo Logistics, the Con-way organization will deliver an expanded transportation and logistics platform to North America-based shippers as well as global businesses, from "first-mile" sourcing in Asia or Europe, to "last-mile" delivery in North America, Stotlar says.
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