Con-way: A trucking giant
Con-way (CNW) and its principal operating companies provide transportation, logistics, and supply chain management services for companies across the sectors. Its clients include manufacturing, industrial, and retail corporations in and outside of the United States.
Con-way’s various business units operate in regional, inter-regional, and transcontinental channels. The company provides less-than-truckload and full-truckload freight transportation, contract logistics, and supply chain management. It also offers multimodal freight brokerage and trailer manufacturing.
The company has connections with most major North American rail carriers such as CSX Corporation (CSX), Union Pacific (UNP), and Norfolk Southern (NSC) to transport truckloads of freight in containers and trailers.
On September 9, 2015, XPO Logistics (XPO) agreed to acquire Con-way for $3 billion, which translates to an implied premium of 32% over the previous day’s close.
Con-way is a diversified freight transportation and supply chain management company headquartered in Ann Arbor, Michigan, United States. The company’s primary operating divisions include the following:
- Con-way Freight – provides day-definite regional, inter-regional, and transcontinental less-than-truckload (or LTL) freight services throughout North America.
- Con-way Truckload – provides short- and long-haul, asset-based transportation services throughout North America.
- Menlo Logistics – provides supply chain engineering and consulting, and provides multimodal freight brokerage services. It also manages complex distribution networks.
Con-way and its subsidiaries operate from more than 500 locations across North America and in 20 countries across five continents. The company has a total of 30,000 employees.
Con-way competes with railroads as well as other trucking companies like Old Dominion Freight Line (ODFL), ArcBest (ARCB), and J.B. Hunt Transport Services (JBHT). Together, these companies form 0.59% of the First Trust Mid Cap Core AlphaDEX ETF (FNX).