Con-way expands truckload with Contract Freighters buy
By Dave Hannon -- Purchasing, 7/16/2007 1:37:00 PM
Logistics provider Con-way has unveiled plans to spend $750 million to buy Contract Freighters (CFI), a privately held North American truckload carrier based in Joplin, Mo.
Con-way officials said CFI's customer base in the retail and consumer products industries complements Con-way’s strong LTL customer base in the industrial and manufacturing sector.
Market watchers were mixed on the deal, but the current market of declining LTL demand and pricing has brought more interest in truckload acquisitions.
Con-way's existing truckload operations will be integrated into CFI's Joplin headquarters. The combined truckload operations will generate approximately $500 million in truckload revenue for Con-way.
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