Con-way to Buy Contract Freighters for $750 Million
Con-way Inc. said Monday it has entered into an agreement to buy truckload carrier Contract Freighters Inc. for $750 million.
Privately held CFI — headquartered in Joplin, Mo. and founded in 1951 — has more than 2,600 tractors and 7,000 trailers, and more than 3,000 employees, including about 2,500 drivers.
Con-way, through its Con-way Freight unit, has mostly less-than-truckload operations. It also has a smaller truckload unit, Con-way Transportation, and a logistics subsidiary, Menlo Worldwide.
Contract Freighters had $416.9 million in revenue last year, according to the Transport Topics 100. Con-way said that in addition to its own truckload unit, the deal will give it a truckload division with more than $500 million in annual revenue.
Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers, while CFI is No. 62 and the 22nd largest truckload carrier.
