CNF to become Con-way Inc.
Shareholders of CNF Inc. Tuesday approved management's proposal to change the $4.2 billion freight transportation and logistics company's name to Con-way Inc.
Effective today, shares of the company on the New York Stock Exchange will trade under the new ticker symbol of CNW. The company also has begun a rebranding initiative to introduce a new Con-way logo and graphic identity as the master corporate brand.
'We're pleased that shareholders have overwhelmingly voted in support of this proposal,' said Douglas W. Stotlar, Con-way president and chief executive officer, said in a statement. 'The Con-way name comes from a proud heritage and has a reputation for integrity, commitment and excellence with customers and shareholders. It is a powerful, well-known brand that will provide our enterprise with long-term advantages, a clear value proposition, and a distinct presence in the market.'
Con-way also said its three primary business units will be:
* Con-way Freight, providing regional and inter-regional less-than-truckload transportation services.
* Menlo Worldwide, providing contract logistics and supply chain management services throughout North America and in 21 countries.
* Con-Way Transportation, providing asset-based regional and transcontinental full-truckload services, dedicated expediting throughout North America, domestic brokerage services for truckload and intermodal shipments and air forwarding throughout North America.
The company will also undertake a phased change of logos and striping for trucks and trailers, new building signage, uniforms, business forms, sales, marketing and advertising materials. Complete conversion to the company's new graphic identity is expected to take two to three years.
