Consolidated Freightways Spins Off Long-Haul Motor Carrier.PALO ALTO, Calif.--(BUSINESS WIRE)--Dec. 2, 1996--Consolidated Freightways, Inc. (NYSE NYSE See: New York Stock Exchange : CNF CNF Configuration (File Name Extension) CNF Conference CNF Conjunctive Normal Form CNF Could Not Find CNF Chin National Front (Burma) CNF Canadian Nature Federation CNF Cornell NanoScale Facility ) reports that it will complete today the previously announced spin-off to its shareholders of a new publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , Consolidated Freightways Corporation (CFC CFC See: Controlled foreign corporation ), comprising its long-haul motor carrier and related businesses. The tax-free distribution to shareholders of CFC common stock (Nasdaq: CFWY CFWY Consolidated Freightways ) will occur at the close of trading today. All CNF shareholders receive one share of CFC stock for every two shares of CNF stock owned on Nov. 15, 1996. Following the spin-off, Consolidated Freightways, Inc. will do business as CNF Transportation, Inc. (CNF). CFC, which has been trading on the Nasdaq National Market since Nov. 13 on a "when issued" basis under the trading symbol CFWYV, will begin trading independently tomorrow on Nasdaq under the CFWY symbol. CFC comprises CF MotorFreight, a domestic less-than-truckload motor carrier, and its Canadian operations, Canadian Freightways, Ltd., Epic Express, Milne and Craighead and Canadian Sufferance Warehouses and other related businesses. These businesses have combined annual revenues of approximately $2.1 billion. CNF Transportation, Inc., which retains the CNF stock ticker symbol that's been on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. since 1965, consists of Emery Worldwide, the international air and ocean freight carrier; Con-Way Transportation Services, including its three regional LTL LTL - Linear Temporal Logic carriers and Con-Way Truckload Services; Menlo Logistics, a third-party logistics management firm; Road Systems, Inc., a trailer manufacturer; and VantageParts, a retail distributor of truck parts and supplies. Annual revenues of CNF are about $3.6 billion. As announced on Aug. 26, 1996, the spin-off transaction offers compelling strategic and operational benefits for both companies. Industry changes and shifts in distribution patterns increasingly placed CNF's long-haul and regional motor carriers in competition with each other. The spin-off enables both companies to pursue their own market directions with greater independence and flexibility. CONTACT: CNF Transportation, Inc. Mark Nelson, 415/494-2900 |
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