Con-way
Encyclopedia : C : CO : CON : Con-way
Con-way, Inc. (NYSE: [CNW]
The company changed its name from CNF, Inc. on 18 April 2006. The initials CNF did not stand for anything, but were rather a legacy of the company history.
CNF began as Consolidated Freightways. In the 1990s, the company moved into other markets, acquiring Menlo Logistics and Emery World Airlines. CF, a union shop, was spun-off in 1996 to a standalone entity and CNF, Inc. was formed to hold Menlo, Emery, and a new less than truckload non-union firm call Con-Way. Consolidated Freightways operated for several years but ultimately filed for bankruptcy, ceasing operations in 2002
Emery World Airlines had a tumultuous history. After the disastrous acquisition of Purolator and a contentious United States Postal Service contract dispute, EWA suffered two maintenance-related crashes in the 1990s and was grounded by the Federal Aviation Administration. In December of 2004, CNF sold the unprofitable Emery (rechristened Menlo Forwarding) to UPS for $100 million in cash and $260 million in assumed debt, a considerable loss.
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