Con-way Closes Domestic Air Forwarding Operation

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on-way Inc. said Monday it has discontinued its domestic air freight forwarding operations under its Con-way Forwarding subsidiary.

The decision was made following a detailed review of the unit’s competitive position and its prospects in relation to Con-way’s “long-term strategies,” Con-way Chief Executive Officer Douglas Stotlar said in a statement.

“Our core businesses are high-performance surface freight transportation and global contract logistics,” Stotlar said. “We believe that focusing our investments on these key segments is the right strategy for our enterprise and our investors, and offers the best opportunity for sustainable growth in revenues, profits and shareholder value.”

Con-way said it would take an $8 million charge in the second-quarter in connection with the closure of the unit, which is not expected to have a material impact on its revenue.

Con-way, formerly CNF Inc., is ranked No. 6 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.