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Con-way

Con-way Inc. was an American multinational transportation and logistics company headquartered in , specializing in less-than-truckload (LTL) freight services, truckload transportation, contract logistics, and multimodal solutions across . The company operated through key divisions, including Con-way Freight for regional and national LTL shipping, Menlo Logistics for and contract logistics, Con-way Truckload for full-truckload services, and Con-way Multimodal for intermodal transportation combining and . Founded in 1983 as a regional LTL spinoff from (CF), Con-way initially focused on short-haul shipments under 500 miles through specialized units like Con-way Central Express and Con-way Western Express, achieving high on-time delivery rates exceeding 98% by the early 1990s. It expanded nationally by merging its regional operations into in 2007 and was part of CNF Transportation until rebranding as Con-way Inc. in 2006, growing to manage over 11,000 trucks and trailers at its peak. As a company with annual revenues around $5.5 billion, Con-way became a leading LTL provider before its acquisition by XPO Logistics in for $3 billion in cash and stock, which integrated its assets to make XPO the second-largest LTL carrier in and expanded XPO's global offerings.

History

Origins and early years (1929–1983)

Consolidated Freightways (CF), the predecessor to Con-way, was founded on April 1, 1929, by Leland James in . James, a 36-year-old entrepreneur and , merged four short-haul trucking companies into a single operation initially focused on regional less-than-truckload (LTL) services. This consolidation addressed the fragmented nature of early trucking amid growing demand for reliable overland shipping as railroads faced limitations. CF's growth accelerated during , when overburdened railroads created opportunities for trucking to handle increased freight volumes, including military supplies. By the war's end, the company had expanded its operations nationwide, benefiting from post-war economic booms and infrastructure investments like the . To build a comprehensive national LTL network under regulations, CF pursued an aggressive acquisition strategy, absorbing 53 smaller carriers by the late 1950s, which enabled route extensions and service enhancements across the . By , CF had achieved annual revenues of approximately $1.3 billion, establishing itself as a dominant player in long-haul LTL freight. However, the 1980 Motor Carrier Act's —dismantling entry barriers, rate controls, and route restrictions—intensified competition and regulatory pressures on established carriers like CF, prompting a strategic refocus. To capitalize on emerging regional markets while shielding its unionized national operations, CF spun off dedicated regional LTL divisions. In May 1983, Con-way Western Express launched with 11 service centers across three western states, targeting next-day delivery needs. One month later, in , Con-way Central Express followed for the Midwest, isolating these non-union entities from CF's core long-haul business to enhance and adaptability in the deregulated environment.

Independence and expansion (1983–2002)

In 1983, Con-way was established as a subsidiary of (CF) to operate regional less-than-truckload (LTL) services, focusing on next-day and second-day deliveries within to capitalize on post-deregulation opportunities in the trucking industry. The initial network launched with Con-way Western Express in May 1983 with 11 service centers in three western states, followed one month later by Con-way Central Express for the Midwest, and later in 1985. This structure allowed Con-way to function semi-independently, emphasizing non-union operations, profit-sharing incentives, and a five-day workweek to attract and retain drivers amid Teamsters union pressures targeting CF. Con-way's growth accelerated through organic expansion and internal mergers, reaching over 300 service centers across 32 states by 1993 and serving more than 36,000 communities, including extensions into . By 2000, the network had grown to support operations in all 48 contiguous U.S. states, with key milestones including the 1995 merger of Con-way Southern Express and Con-way Southwest Express into a single entity operating 101 terminals. In 1997, the regional carriers were consolidated under the unified brand, enhancing efficiency and national reach, while Con-way Truckload was introduced to provide full-truckload services for longer-haul shipments, complementing the core LTL focus. Financial performance reflected this expansion, with revenues growing from approximately $600 million in the early 1990s to $800 million by 1993, supported by 7,600 employees and high on-time delivery rates exceeding 98 percent. By 2001, Con-way Transportation Services alone reported $1.91 billion in revenue, contributing to overall company figures nearing $2.8 billion, while the employee count reached about 18,100 amid continued infrastructure investments. The 1996 spin-off from parent CNF Inc. marked formal independence as a public company (NYSE: CNW), enabling focused capital allocation for growth without the burdens of CF's legacy operations. Con-way's non-union model provided insulation from CF's national LTL challenges, including rigid Teamsters contracts that increased labor costs and limited flexibility in a competitive, deregulated environment. CF's struggles with high fixed costs, union work rules, and aggressive pricing from non-union rivals like and eroded its market share, contrasting with Con-way's agile regional approach that prioritized service quality and employee incentives to sustain profitability.

Mature operations and challenges (2002–2015)

In September 2002, the long-haul trucking subsidiary , which had been spun off from CNF Inc. in 1996, filed for Chapter 11 bankruptcy and ceased operations, allowing the remaining CNF operations—primarily the less-than-truckload (LTL) segment under the Con-way brand—to emerge independently with reduced debt and a sharpened focus on core LTL services. Under new leadership, including Douglas W. Stotlar as president and CEO starting in April 2005, CNF rebranded as Con-way Inc. in April 2006 to unify its identity around the established Con-way name, emphasizing LTL efficiency and customer service across its freight and logistics divisions. This rebranding, costing $20–24 million through 2008, supported operational consolidation and positioned Con-way as a streamlined entity amid post-bankruptcy recovery. Con-way relocated its headquarters from , to , in 2007 to consolidate operations, attract talent, and leverage central U.S. logistics advantages, with Con-way Freight adding 120 employees as part of the move. The company navigated the 2008–2009 recession through aggressive cost-cutting, including a 1,450-position workforce reduction at in December 2008 and broader of IT and administrative functions, achieving $122 million in total savings for 2009. These measures, alongside suspended and reduced capital expenditures from $234.4 million in 2008 to $68.2 million in 2009, helped mitigate a revenue decline to $4.3 billion in 2009 from $5.0 billion in 2008, enabling a rebound to $5.8 billion by 2014. Strategically, Con-way bolstered its supply chain capabilities with the 2007 acquisition of Chic Holdings, expanding Menlo Worldwide's footprint in and for enhanced logistics technology and regional partnerships. Menlo Worldwide further grew international services through partnerships, such as with APL Logistics in 2006 for time-definite less-than-container-load shipping to and , and an expanded agreement with in 2008 for European supply chain management. In 2010, Con-way deepened its global reach via an alliance with for intercontinental freight forwarding between the U.S. and , complementing Menlo's operations in . By 2015, Con-way employed approximately 30,000 people across its network, reflecting steady post-recession growth. The company emphasized technology for efficiency, including transportation management systems (TMS) integrated into Menlo Worldwide's IT platform to optimize complex global supply chains and support customer requirements. Pre-acquisition performance peaked in 2014 with of $137 million, underscoring operational resilience and strategic investments in and network expansion.

Business divisions

Less-than-truckload services (Con-way Freight)

Con-way Freight originated as Con-way Western Express in 1983, established as a regional less-than-truckload (LTL) carrier spun off from Consolidated Freightways to focus on shipments under 500 miles. Over the subsequent decades, it expanded through mergers of regional operations—such as Con-way Central Express, Con-way Southern Express, and Con-way Eastern Express—into a unified national network, culminating in the formation of Con-way Freight in 2007. By 2015, the division operated approximately 300 service centers across North America, handling nearly 59,000 shipments daily and managing over 78 million pounds of freight each day. The service model emphasized regional, inter-regional, and transcontinental LTL shipments, providing day-definite delivery options with industry-leading transit times, including next-day, two-day, and extended services across . It targeted mid-sized loads typically weighing 100 to 15,000 pounds, with an average shipment weight of about 1,350 pounds in , enabling efficient consolidation of freight from multiple shippers. On-time performance consistently exceeded 98% in early operations, supporting guaranteed delivery commitments that enhanced reliability for customers. In the 2000s, Con-way Freight implemented advanced technologies, including proprietary management systems for real-time shipment tracking and optimization of linehaul routes. The division adopted for asset management and standards to facilitate seamless integration with customer supply chains, alongside electronic on-board recorders for compliance and efficiency. These innovations supported faster transit times and reduced damage rates, aligning with broader efforts in fuel-efficient trailer modifications. By 2014, Con-way Freight held a significant position in the U.S. LTL market, ranking second among carriers with revenues of $3.6 billion, representing approximately 63% of Con-way Inc.'s total $5.8 billion revenue and competing directly with leaders like FedEx Freight, , and UPS Freight. This segment's scale reflected a 5-7% share of the overall U.S. LTL market, driven by its extensive and service reliability. Operationally, it employed around 20,000 workers in a predominantly non-union model—except at one location—which provided scheduling flexibility and contributed to consistent service levels. Safety performance stood out with top scores in (FMCSA) evaluations for LTL fleets, exceeding industry averages in maintenance and compliance.

Truckload and multimodal services (Con-way Truckload)

Con-way Truckload Services was established in 1995 to provide dedicated regional, inter-regional, and expedited highway truckload freight services along key North American routes. The division expanded significantly in 2007 through the acquisition of Contract Freighters Inc. (CFI), enhancing its truckload and intermodal capabilities. By 2015, the division managed a fleet exceeding 7,800 trailers, supported by approximately 2,600 tractors, and offered core services in dry van, flatbed, and intermodal transportation to handle full-truckload shipments efficiently. The division's multimodal capabilities were enhanced through strategic integrations with rail networks, including partnerships with major carriers to enable combined truck-rail operations for long-haul efficiency. These services typically delivered cost reductions of 20–30% compared to all-truck transport on routes over 500 miles, by leveraging rail's economies of scale while maintaining competitive transit times. Key service features included dedicated contract carriage tailored for major clients in industries like automotive, ensuring consistent capacity and customized routing. visibility was provided through proprietary GPS tracking software, allowing customers to monitor shipments and drivers to optimize routes while avoiding restricted areas. In , Con-way Truckload generated $632 million in annual revenue, operating from five dedicated terminals and leveraging an extensive network of over 400 locations for broader coverage. The operations emphasized backhaul optimization strategies to reduce empty miles, improving overall equipment utilization and across its dry van and flatbed fleets. A primary differentiator was the specialized handling of oversized loads via flatbed equipment, complemented by intermodal options for versatile shipment needs, with on-time delivery performance consistently at or above 95%.

Logistics and supply chain management (Menlo Worldwide)

Menlo Worldwide, Con-way's third-party logistics division, originated from General Motors' internal logistics operations, which were restructured into a dedicated entity in the late 1990s before being integrated into CNF Inc. (Con-way's parent company) through a joint venture with GM called Vector SCM in 2000. This arrangement allowed Menlo to expand beyond automotive supply chains while leveraging Con-way's transportation expertise for seamless freight integration. Menlo Worldwide Logistics was formed in 2002 by combining CNF's logistics, forwarding (Emery), and Vector SCM units. In 2005, Con-way integrated its Con-way Logistics business into Menlo Logistics to streamline operations and focus on global supply chain solutions. The division offered comprehensive contract , including dedicated and multi-client warehousing totaling over 20 million square feet across multiple continents by 2014, as well as fourth-party (4PL) management for end-to-end orchestration. Specializing in the automotive sector, Menlo provided just-in-time delivery services and applied principles, alongside partnerships like its 4PL role with . Operations spanned approximately 20 countries, with significant expansion in following acquisitions and facility upgrades in 2007–2008, such as the purchase of Chic Holdings in to enhance domestic networks. Annually, Menlo managed extensive portfolios for global clients, integrating these with Con-way's freight services for optimized handling. Technologically, Menlo deployed warehouse management systems (WMS) and proprietary optimization algorithms to enhance and operational efficiency, supporting high-volume fulfillment for customers. Key clients included for electronics distribution and for consumer goods , among others like and . In 2014, the division generated $1.2 billion in gross revenue, reflecting its scale in providing asset-light, customized solutions across industries.

Support and specialized services (Enterprise Services and Manufacturing)

Con-way Enterprise Services served as the central administrative and division of Con-way Inc., providing in IT, , , and legal functions to support the company's overall operations. Based in , this division managed a corporate , IT development and support teams, and oversaw infrastructure and applications for key business units, including Con-way Freight and Menlo Worldwide . With approximately 450 staff dedicated to IT alone, Enterprise Services supported Con-way's roughly 31,000 employees across its global network, facilitating efficient data sharing and operational coordination among divisions. Key initiatives included the deployment of Lean Office practices to streamline processes and the capitalization of , with expenditures reaching $12.4 million in 2014 for enhancements like and warehouse management systems that integrated with customer platforms. Con-way Manufacturing specialized in the design, engineering, and fabrication of freight trailers and related equipment, operating primarily from its production facility in . Formerly known as Road Systems Inc., the division—headquartered in —employed over 300 people and generated $78.2 million in revenue in 2014, producing custom trailers for internal use and third-party sales, along with parts and services. This manufacturing arm contributed to Con-way's broader efforts, launched enterprise-wide in 2008, by focusing on equipment that supported goals across the fleet. Enterprise Services' IT systems, such as those enabling supply-chain visibility, complemented Manufacturing's output by optimizing equipment deployment for logistics divisions like Menlo Worldwide. These support functions enabled within Con-way, allowing in-house production of trailers to maintain and expand the company's extensive fleet of over 33,000 units, including those used by Freight and Truckload operations. By handling internal technology and equipment needs, Enterprise Services and Manufacturing reduced reliance on external providers, enhancing cost control and operational reliability for Con-way's core transportation activities.

Acquisition by XPO Logistics

Deal announcement and regulatory approval

On September 9, 2015, XPO Logistics, Inc. announced a definitive agreement to acquire Con-way Inc. in an all-cash transaction valued at approximately $3 billion, or $47.60 per share, representing a 31.6% premium over Con-way's closing stock price on September 8, 2015. The deal encompassed Con-way's core operations in less-than-truckload (LTL) freight, truckload services, and global logistics, with XPO assuming about $290 million in net debt, resulting in an enterprise value of roughly $3.3 billion. Upon completion, the combined entity was projected to generate $15 billion in annual revenue, establishing XPO as the second-largest LTL carrier in by revenue. XPO's CEO, Brad Jacobs, emphasized the strategic fit, noting significant synergies in LTL and truckload segments, alongside expanded capabilities in contract logistics through Con-way's Menlo Worldwide division. The acquisition was anticipated to enhance XPO's offerings for and ground transportation customers, with expected annual operating profit improvements of $170 million to $210 million over the subsequent two years, driven by cost reductions, network optimizations, and operational efficiencies. Con-way's CEO, Douglas W. Stotlar, described the transaction as delivering immediate value to shareholders while aligning with broader industry consolidation trends. The agreement was structured as an initial for all outstanding Con-way shares, followed by a second-step merger to take the company private as a wholly owned XPO . Con-way's unanimously approved the deal after conducting a go-shop period, during which the company solicited acquisition proposals but received none superior to XPO's offer. To finance the transaction, XPO secured $2 billion in committed bridge financing from Senior Funding, Inc., complemented by its existing $1.2 billion in cash reserves and a $415 million undrawn revolver, with plans to expand credit facilities as needed. Regulatory approvals proceeded swiftly, with the U.S. Hart-Scott-Rodino Act waiting period expiring early in October 2015, indicating no antitrust concerns warranting further review or divestitures by the Department of Justice. Additional clearances included unconditional approval from the Dutch Authority for Consumers and Markets on October 6, 2015, under the Dutch Competition Act, and from Mexico's Federal Economic Competition Commission on October 16, 2015, under the Federal Economic Competition Law. The tender offer, which commenced on September 15, 2015, expired at midnight on October 29, 2015, with 46,150,072 shares (over 80% of outstanding shares) validly tendered, satisfying the minimum tender condition without requiring a separate shareholder vote.

Completion and initial integration

The acquisition of Con-way by XPO Logistics was finalized on October 30, 2015, when Con-way became a wholly-owned of XPO following the successful and merger. Immediately thereafter, Con-way's shares were delisted from the , ending its independent public trading status. Initial integration efforts focused on leadership alignment, with XPO appointing Tony Brooks as president of its North American less-than-truckload (LTL) operations effective November 11, 2015, to oversee the combined LTL derived from . Concurrently, XPO announced plans for workforce reductions, with planned reductions of more than 10% of the approximately 2,500 to 3,000 positions at its headquarters and technology center, primarily in administrative, management, and back-office roles. Operationally, XPO initiated consolidation of back-office functions, including those in Ann Arbor, to eliminate redundancies and streamline processes across the merged entities. of terminals to XPO Logistics commenced shortly after the close, with significant progress by early 2016 as part of a broader effort to unify across all acquired operations, culminating in full completion by mid-2017. The merger significantly boosted XPO's financial profile, with pro forma 2015 revenue reaching approximately $15 billion when combining pre-acquisition projections for XPO and Con-way's full-year consensus estimates of $5.7 billion. Integration incurred one-time costs estimated at $125 million to $150 million, primarily for restructuring and system harmonization. Early challenges included temporary service disruptions arising from overlapping terminal operations, prompting XPO to close seven remote Con-way Freight service centers in February 2016 to optimize the network. To mitigate talent loss during the transition, XPO committed to maintaining base compensation levels for continuing Con-way employees at no less than their prior rates for at least one year post-closing.

Legacy

Industry impact and innovations

Con-way played a pivotal in reshaping the less-than-truckload (LTL) industry following the of the trucking sector in 1980, particularly through its pioneering of regional carrier models. Established in as a non-union from , Con-way Transportation Services launched its first regional LTL fleet, focusing on short-haul routes under 500 miles to capitalize on high-density traffic lanes and achieve superior on-time delivery rates exceeding 95%. This approach, informed by analyses from the , emphasized operational efficiency and employee incentives such as profit-sharing and a five-day workweek for drivers, setting a benchmark that influenced competitors to adopt similar network designs for cost control and regional dominance. By the early , Con-way had expanded to four interconnected regional units—Central, Southern, Western, and —covering the nation and demonstrating how fragmented operations could scale into a cohesive national presence without the overhead of long-haul models. Technological advancements further amplified Con-way's operational innovations, notably its early adoption of GPS-based fleet tracking systems. In 1995, Con-way Truckload invested $25 million in advanced tracking and management technologies, integrating GPS-like systems to enhance route optimization and real-time visibility, which became integral to its LTL operations by the late . These tools improved (ETA) accuracy industry-wide, though specific metrics for Con-way highlighted reductions in delays through better avoidance of restricted routes and hazardous conditions. Con-way's scale as a low-cost regional carrier pressured smaller operators during the post-deregulation wave, contributing to the sector's evolution from numerous independents to fewer, larger entities focused on efficiency. Following its 2015 acquisition by XPO Logistics, Con-way's extensive of over 300 terminals formed the core of XPO's LTL , propelling it to the second-largest provider in . In sustainability, Con-way advanced greener practices through participation in the EPA's SmartWay Partnership starting in 2006, earning for its freight efforts in , which included speed reductions in its 2,800-truck fleet to conserve millions of gallons of diesel annually. These initiatives reduced and fuel consumption, aligning with broader industry shifts toward environmental accountability. Con-way's LTL services also supported economic growth in retail supply chains during the 1990s and 2000s e-commerce surge, notably as Walmart's National LTL Carrier of the Year in 2011 for superior on-time performance and coverage. The company's acquisition by XPO served as a catalyst for accelerated industry consolidation, integrating Con-way's assets into a more diversified platform. Con-way garnered recognition for its safety and excellence, including a 2005 win in the American Trucking Associations' () National Fleet Safety Contest for its Western Express division, alongside multiple state-level honors from groups like the Trucking Association. In , it achieved top rankings in the Journal of Commerce's Quest for Quality Awards, earning the No. 1 national LTL carrier position based on high scores in on-time , value, and from shipper surveys. These accolades underscored Con-way's lasting contributions to operational standards in transportation. In 2022, XPO Logistics spun off its North American LTL operations, including the former network, as RXO Inc., a independent publicly traded company. As of , RXO operates over 300 terminals and generates approximately $7 billion in annual , maintaining the second-largest position in the U.S. LTL market and continuing Con-way's of and through advanced tracking technologies and efforts, such as ongoing EPA SmartWay participation.

Labor relations and workforce effects

Con-way Inc. maintained a non-union model throughout its operations, having been established in 1983 as a union-free from the unionized (CF), which was bound by Teamsters contracts. This approach allowed Con-way to operate without agreements, contrasting sharply with its predecessor and many competitors in the less-than-truckload sector. The company's workforce reached a peak of approximately 30,100 employees in 2014, just prior to its acquisition, encompassing a range of roles including over 16,600 positions at alone, from truck drivers and dock workers to logistics and supply chain specialists across its divisions. This scale reflected Con-way's growth into a major transportation provider, with employees distributed across more than 365 operating locations nationwide. Labor relations at Con-way were marked by consistent resistance to union organizing efforts, particularly from the , which sought to represent workers at various facilities starting in the early . The company successfully defeated multiple union election bids, including those at terminals in , , and between 2014 and 2015, preserving its union-free status amid aggressive campaigns. In one notable case, a judge ruled in 2015 that Con-way violated workers' rights during an organizing drive in by unlawfully firing two employees, though the company maintained its overall non-union stance. Following the 2015 acquisition by XPO Logistics, workforce effects included initial layoffs of approximately 200-300 positions, primarily at Con-way's headquarters in Ann Arbor, Michigan (36 positions), and its IT center in Portland, Oregon (101 positions), as part of integration efforts, with further reductions of around 190 positions in 2016. These cuts represented over 10% of the workforce at affected sites and contributed to employee uncertainty during the transition. The acquisition also spurred mixed unionization outcomes under XPO, with Teamsters successfully organizing workers at several former Con-way terminals; by 2018, groups of drivers and dock workers at facilities in Pennsylvania and other locations had voted to join the union, marking incremental gains in representation. Organizing efforts continued post-2018, with additional Teamsters wins at RXO facilities in 2021-2022, though RXO largely maintains a non-union model as of 2025.

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