Con-way Truckload
 | |
| Subsidiary | |
| Industry | Transportation |
| Founded | 1951 |
| Headquarters | Joplin, Missouri |
Key people |
Tim Staroba, SVP |
| Revenue |
 US$ 615 million (2011)[1] |
|
US$ 34.813 million (2011)[1] | |
| Parent | Con-way, Inc. |
| Website | http://www.con-way.com/en/truckload |
Headquartered in Joplin, Missouri, Canada-based TransForce purchased the truckload division and set CFI up as an indirect wholly owned subsidiary. Publicly traded, TransForce operates across Canada and the United States through its various subsidiaries. With approximately $3 billion in revenue in Truckload, Package and Courier, LTL, and Logistics, TransForce has grown rapidly through a number of acquisitions and Truckload is now its largest segment, representing nearly 50% of its total revenue. CFI represents their largest Truckload company in the US. TransForce’s acquisition strategy of acquiring standalone entities that operate independently, along the lines of Warren Buffett's strategy, has proven to be extremely successful.
As a result of the TransForce transaction, CFI returns to its heritage as a standalone truckload company, with the original name from 1951. CFI was formerly a division of Con-way, Inc. followed by XPO Logistics, offering dry van transportation services using a fleet of long-haul tractors and trailers. CFI provides point-to-point, full truckload, dry van service using single drivers as well as two-person driver teams over long-haul routes—most commonly with each trailer containing only one customer’s goods.
History
Founded as Contract Freighters, Inc (CFI) in Joplin, Mo. in 1951 by Roy Reed and Ursull Lewellan. The company began with one tractor and two trailers, and generated revenues of $12,000 during its first year.
CFI expanded services into Mexico providing through-trailer service since 1985. The first international office opened in 1987 in Monterrey, Mexico. One year later, the first Canadian office opened in Toronto. There are now 37 sales offices and four terminal locations in addition to the headquarters in Joplin, Mo.
Continued and consistent growth led to the expansion of the company’s headquarters in 1993. The 300-acre site is home to the company’s administrative offices, maintenance facilities, wash bay, and local driver services.
Equipment upgrades grew as rapidly as office locations. The first 48-foot trailer was purchased in 1986. Just three years later, the first air-ride trailer was delivered. Con-way Truckload, as CFI, was the first carrier to operate a 100% air-ride fleet.[2]
In 2007, Con-way, Inc. determined that to become a viable commercial truckload company, an acquisition would be necessary to augment its existing truckload business which was built to service the needs of Con-way Freight.[3] To meet this need, Con-way, Inc. acquired Contract Freighters, Inc. (CFI), a privately held North American truckload carrier based in Joplin, Missouri, for $750 million.[4] CFI was an industry leader at the time of acquisition, operating over 2,600 tractors and more than 7,000 trailers, with more than 3,000 employees including approximately 2,500 drivers. Previously, Con-way had been CFI’s largest customer, accounting for six percent of total revenues.[5]
The combination of Con-way Truckload and CFI provided a number of benefits. CFI had been Con-way Freight’s largest provider of contract service for long-haul transcontinental truckload transportation. CFI had operations in Mexico for more than 20 years and was already one of the largest cross-border truckload carriers. Its capabilities could be combined with Con-way Freight’s Mexico network and Menlo Worldwide Logistics’s border-based logistics operations. The acquisition created a business unit with over $500 million in annual revenues for truckload freight.[6] On October 31, 2015, XPO Logistics, Headquartered in Greenwich, CT acquired Con-way Truckload.
On October 27, 2016 XPO Logistics sold the truckload division to the Canadian-based company Transforce Inc.[7] The truckload division will be renamed back to its original name, CFI.
Operations
CFI operates from four dedicated truckload terminals and 37 sales offices throughout the United States, Canada and Mexico.[8]
In 2010 Con-way Truckload introduced DoubleStack,[9] an advanced cargo loading and capacity management system which supposedly allows shippers to utilize the space in trailers better while securing freight more effectively to prevent shipment damage.
CFI: Regional Service, Dedicated Service and Doublestack Trailers
Military Support CFI is a participant in the U.S. Department of Labor National Apprenticeship Program, which permits eligible veterans and active members of the Guard and Reserves to receive paid on-the-job training using GI Bill benefits.[10] An impressive 14% of CFI's employees are self-selected veterans. The company has a rich history of supporting veteran associated charitable groups including Wreaths Across America, The Wall that Heals and Holy Joe's Café.
References
- 1 2 "2011 Annual Report to Shareholders". Con-way,Inc.
- ↑ https://www.con-way.com/en/truckload/About-CTLHistory
- ↑ Con-way Freight website
- ↑ Press release regarding Con-way's acquisition of CFI
- ↑ Con-way buys CFI – California-based company acquires Joplin’s CFI for $750M by Chris Roberts, Joplin Tri-State Business. July 30 - Aug 12, 2007 issue.
- ↑ Con-way Press Release, July 16, 2007
- ↑ XPO public release. - October 27, 2016
- ↑ https://www.con-way.com/en/truckload/About
- ↑ , YouTube DoubleStack launch video.
- ↑ https://www.con-way.com/en/about_con_way/newsroom/press_releases/Sep_2008/2008_sep_24/
