-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I7DRrZidlD5LSumGJz9A1qujwyiRkc+9Fc6rXh5i2xZSFKhrypDbXB52JRI4TN/y MC7SK+GNOMNJ01qhnVaRTg== 0000023675-06-000026.txt : 20060605 0000023675-06-000026.hdr.sgml : 20060605 20060605135613 ACCESSION NUMBER: 0000023675-06-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060605 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060605 DATE AS OF CHANGE: 20060605 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Con-way Inc. CENTRAL INDEX KEY: 0000023675 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 941444798 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05046 FILM NUMBER: 06885675 BUSINESS ADDRESS: STREET 1: 2855 CAMPUS DRIVE CITY: SAN MATEO STATE: CA ZIP: 94403 BUSINESS PHONE: 6504942900 MAIL ADDRESS: STREET 1: 1717 NW 21ST AVE CITY: PORTLAND STATE: OR ZIP: 97209 FORMER COMPANY: FORMER CONFORMED NAME: CNF INC DATE OF NAME CHANGE: 20010510 FORMER COMPANY: FORMER CONFORMED NAME: CNF TRANSPORTATION INC DATE OF NAME CHANGE: 19970509 FORMER COMPANY: FORMER CONFORMED NAME: CONSOLIDATED FREIGHTWAYS INC DATE OF NAME CHANGE: 19920703 8-K 1 jun58k.txt CON-WAY GLOBAL SOLUTIONS 8-K JUNE 2006 Item 2.05 Costs Associated with Exit or Disposal Activities Con-way Global Solutions, Inc., ("CGS"), a wholly-owned subsidiary of Con-way Inc. (the "Company"), operated an air freight forwarding business under the name "Con-way Forwarding." After reviewing the competitive position and prospects of CGS, on June 2, 2006 the Board of Directors of CGS authorized management to discontinue CGS's operations, effective immediately. On that date, CGS notified substantially all of its approximately 115 employees that their employment was terminated effective immediately. A small number of employees were retained in order to oversee the wind-down of CGS's affairs. The Company expects to take a charge of approximately $8 million in connection with CGS's discontinuation of operations, reflecting primarily the write-off of certain non-transferable assets, severance costs and lease loss. A copy of the Company's press release announcing the discontinuation of operations is attached hereto as Exhibit 99. EX-99 2 prex99.txt CON-WAY GLOBAL SOLUTIONS PRESS RELEASE JUN 5 06 EXHIBIT 99 CON-WAY INC. 2855 CAMPUS DRIVE, SUITE 300 SAN MATEO, CA 94403 (650) 378-5200 NEWS RELEASE Contacts: Media - Gary Frantz (650) 378-5335 Investors - Patrick Fossenier (650) 378-5353 FOR IMMEDIATE RELEASE CON-WAY CLOSES DOMESTIC AIR FORWARDING OPERATION SAN MATEO, Calif. - June 5, 2006- Con-way Inc. (NYSE: CNW) announced today that it has discontinued the operations of its domestic air freight forwarding subsidiary Con-way Forwarding. The decision to close the unit was made following a detailed review of the subsidiary's competitive position and its prospects in relation to the corporation's long-term strategies, noted Douglas W. Stotlar, Con-way president and CEO. "Our core businesses are high-performance surface freight transportation and global contract logistics," said Stotlar. "We believe that focusing our investments on these key segments is the right strategy for our enterprise and our investors, and offers the best opportunity for sustainable growth in revenues, profits and shareholder value." The company expects to take a charge in the second quarter of approximately $8 million in connection with the closure of the unit, primarily reflecting the write-off of certain non-transferable assets, severance costs and lease expense. The closure of the unit is not expected to have a material impact on revenues. Con-way Inc. (NYSE:CNW) is a $ 4.2 billion freight transportation and logistics company with businesses in less-than-truckload and full truckload freight services, expedite, brokerage, contract logistics, warehousing, supply chain management and trailer manufacturing. -----END PRIVACY-ENHANCED MESSAGE-----