Con-way Inc. has completed its $750 million acquisition of Contract Freighters Inc. (CFI), a privately held North American truckload carrier based in Joplin, Mo. The acquisition adds to Con-way's portfolio a company

with significant market share and a substantial presence in the truckload market with its 3,000 employees and a fleet of more than 2,600 tractors and 7,000 trailers.
The acquisition positions Con-way as an enterprise offering less-than-truckload (LTL), truckload (TL) and supply chain management services with a diverse suite of high-value solutions for shippers in North America as well as globally, said Douglas W. Stotlar, president and CEO of Con-way Inc.
"CFI is a highly strategic acquisition that immediately establishes us as a major player in the truckload market and strengthens our capabilities as a premier provider of freight transportation and supply chain solutions," Stotlar said. "We are positioning this company for growth on a global scale - one with differentiated yet complementary service offerings, and an excellent foundation for increasing shareholder value. I'm very pleased to officially welcome CFI's 3,000 employees to the Con-way organization."
CFI joins the existing Con-way Truckload to form a business unit expected to generate some $500 million in annual revenues. The division, combined with Con-way's LTL carrier Con-way Freight and global supply chain services provider Menlo Worldwide, offers customers a suite of transportation and logistics services that can cover "first-mile" sourcing in Asia or Europe to "last-mile" delivery in North America.
On July 16, Con-way announced its intent to acquire CFI's parent holding company, Transportation Resources Inc., CFI and all other subsidiaries of the parent holding company. The company expects to provide financial statements for CFI and pro-forma consolidated financials including CFI before the end of the third quarter. The company's consolidated financial statements presented with Con-way's third quarter earnings report will include CFI's results from the date of closing.