Conway-Freight Bought Out By XPO Logistics
Topic 10643 | Page 3
XPO Already Considering Selling Con-way Truckload
Only weeks after buying Con-way Inc. for $3 billion, XPO Logistics is already considering selling the truckload division.
XPO admitted in an email that they had several offers on the table, but they have not decided yet whether they want to sell. “It’s true we have received several unsolicited inbound calls from interested buyers but we haven’t decided,” said Chief Executive Bradley Jacobs.
While the truckload division is only 11% of Con-way’s total revenue, the division generates $632 million in revenue each year. However, profit margins have been slimmer for Con-way this year.
Con-way saw its revenue fall 11% in the first six months of 2015. It’s operating earnings have fallen 23% this year.
CDL:
Commercial Driver's License (CDL)
A CDL is required to drive any of the following vehicles:
- Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
- Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
- Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
- Any vehicle required by federal regulations to be placarded while transporting hazardous materials.
Dm:
Dispatcher, Fleet Manager, Driver Manager
The primary person a driver communicates with at his/her company. A dispatcher can play many roles, depending on the company's structure. Dispatchers may assign freight, file requests for home time, relay messages between the driver and management, inform customer service of any delays, change appointment times, and report information to the load planners.
Oh dear. That doesn't bode well does it? Either way, I'm supposed to start school (5 weeks) on the 26th and after that go out with a trainer for 7500 miles. So, I should be solo in (give or take) 10 weeks. Could a possible sale go that quickly? And if it does, what could that mean for the drivers? Best case? Worst case? Any of you who know how these sales generally go have any thoughts? I'd much rather go with Conway as things stand now, but Swift and Prime are certainly still possibilities for me.
Oh dear. That doesn't bode well does it?
Sami, don't even think twice about this. It means nothing to the drivers, and the truth is there will be quite a few of them who never even knew all this was going on. Trucking companies get bought and sold all the time, and it is done with such efficiency that there is little or no interruption in the lives of the drivers. Conway is a good solid operation, and it will remain so through whatever storm the upper level management is going through. Please don't let this concern you.
TWIC:
Transportation Worker Identification Credential
Truck drivers who regularly pick up from or deliver to the shipping ports will often be required to carry a TWIC card.
Your TWIC is a tamper-resistant biometric card which acts as both your identification in secure areas, as well as an indicator of you having passed the necessary security clearance. TWIC cards are valid for five years. The issuance of TWIC cards is overseen by the Transportation Security Administration and the Department of Homeland Security.
Ok, good! Thanks Old School! I'm pretty excited to get started so I was hoping that was the case!
All the new headline means is exactly what Old School predicted: XPO wanted Con-way's LTL business. They had to buy the whole company to get it, now they will sell off the part they don't want.
LTL:
Less Than Truckload
Refers to carriers that make a lot of smaller pickups and deliveries for multiple customers as opposed to hauling one big load of freight for one customer. This type of hauling is normally done by companies with terminals scattered throughout the country where freight is sorted before being moved on to its destination.
LTL carriers include:
- FedEx Freight
- Con-way
- YRC Freight
- UPS
- Old Dominion
- Estes
- Yellow-Roadway
- ABF Freight
- R+L Carrier
Place an application with XPO, it doesn't ask about moving violations or criminal charges. Hoping its a dont ask dont tell situation but most times if it sounds to good to be true it probably is. Anyone have an idea on their hiring requirements?
Well, this just happened.
So Miss M... What do you know about this? Are they Independent Contractors, or Employees? You sound knowledgeable about this- Weren't you a paralegal? So your legal stance?
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Not a problem with Conway. Old School is saying that chart would work for any company:
Conway's finances are fine. XPO bought them to add their good assets to their own company.
CDL:
Commercial Driver's License (CDL)
A CDL is required to drive any of the following vehicles:
LTL:
Less Than Truckload
Refers to carriers that make a lot of smaller pickups and deliveries for multiple customers as opposed to hauling one big load of freight for one customer. This type of hauling is normally done by companies with terminals scattered throughout the country where freight is sorted before being moved on to its destination.
LTL carriers include: