Consolidated Freightways to Acquire FirstAir, Inc; Letter of Intent is Signed.Business Editors MENLO PARK Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif.--(BUSINESS WIRE)--May 9, 2000 Consolidated Freightways (Nasdaq:CFWY CFWY Consolidated Freightways ), one of the country's largest national LTL LTL - Linear Temporal Logic transportation and logistics providers, has signed a letter of intent to purchase FirstAir, Inc., an airfreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air forwarder Forwarder Acts as a travel agent for cargo. A forwarder specializes in arranging the transport and completing required shipping documentation. Some are affiliated with NVOCC services. In the United States they are licensed by the Federal Maritime Commission. based in St. Paul, MN. FirstAir, through its FlightMasters and SeaMasters subsidiaries, provides domestic and international airfreight forwarding and full- and less than container load Less Than Container Load Shipments of less than container load size (<$50,000). ocean freight transportation. The privately owned company was founded in St. Paul in 1988 and has offices in Minneapolis, Los Angeles, Chicago, Dallas/Ft.Worth and London. "We believe FirstAir's non asset-based freight forwarding capabilities will nicely complement CF's existing expedited transportation and logistics infrastructure," said Pat Blake, chief executive officer of Consolidated Freightways. "FirstAir's experienced management team, technological innovations and strong bias for customer service also create a very positive fit within our organization," Blake said. "We will continue to add to CF's service portfolio to provide our customers the finest possible integrated transportation and logistics product." Certain statements in this release may constitute forward-looking statements which are subject to a number of risks and uncertainties and therefore should not be relied upon as predictions of the future. Such statements are dependent on assumptions that may not be realized and are subject to factors, including those mentioned in the company's most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission, that could cause actual results to differ materially. Consolidated Freightways is a transportation company primarily providing less-than-truckload and logistics services throughout the United States, Canada and Mexico using its system of 350 terminals and over 22,000 employees. The company also provides international freight services between the U.S. and more than 80 countries. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion