“Our core businesses are high performance surface freight transportation and global contract logistics,” said Douglas W. Stotlar, president and CEO of Con-way Inc. He was announcing the closing of the company’s airfreight forwarding operation. The company will focus investments on those key segments, he continued.
Con-way expects to take an $8 million charge in the second quarter as a result of closing the airfreight forwarding unit and writing off non-transferable assets, severance costs and lease expense. In the first quarter, Con-way reported net income of $45.5 million, a 17% rise over the prior-year period. Supporting Stotlar’s observation that surface transportation and global logistics are the company’s core markets that was the first time in the company’s history that quarterly trucking and logistics revenues topped $1 billion.