EX-99
3
dec20992.txt
EXHIBIT 99.2
CNF
3240 HILLVIEW AVENUE, PALO ALTO, CA 94304-1297 (650) 494-2900
NEWS RELEASE
Contacts:
Investors - Patrick Fossenier
(650) 813-5353
Media - Jamie Fenimore
(650) 813-5358
CNF COMPLETES SALE OF MENLO WORLDWIDE FORWARDING
PALO ALTO, Calif., Dec. 20, 2004 - CNF Inc. (NYSE: CNF) today announced that
it has completed the sale of its Menlo Worldwide Forwarding unit to United
Parcel Service of America Inc. for $150 million in cash plus the assumption
of approximately $110 million of debt.
The sale closed and became effective December 19, 2004 and includes
Menlo Worldwide Forwarding's air and ocean forwarding operations in more than
175 countries, its North American services and facilities, its operations hub
in Dayton, Ohio, Menlo Worldwide Expedite! and Menlo Worldwide Trade
Services.
CNF continues to own and operate Menlo Worldwide Logistics, Menlo
Worldwide Technologies, Vector SCM and Con-Way Transportation Services.
UPS is the world's largest package delivery company and a global leader
in supply chain services, offering an extensive range of options for
synchronizing the movement of goods, information and funds. With headquarters
in Atlanta, Ga., UPS serves more than 200 countries and territories
worldwide. UPS's stock trades on the New York Stock Exchange (UPS) and the
company can be found on the Web at UPS.com.
CNF (NYSE:CNF) is a $3.7 billion management company of global supply
chain services with businesses in regional trucking, global logistics
management and trailer manufacturing. Information about CNF and its companies
can be found on the Web at CNF.com.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking
statements" and are subject to a number of risks and uncertainties and should
not be relied upon as predictions of future events. All statements other than
statements of historical fact are forward-looking statements, including any
projections and objectives of management for future operations, any
statements regarding contributions to pension plans, any statements as to the
adequacy of reserves, any statements regarding the possible outcome of claims
brought against CNF, any statements regarding future economic conditions or
performance, any statements of estimates or belief and any statements or
assumptions underlying the foregoing. Specific factors that could cause
actual results and other matters to differ materially from those discussed in
such forward-looking statements include: changes in general business and
economic conditions, the creditworthiness of CNF's customers and their
ability to pay for services rendered, increasing competition and pricing
pressure, changes in fuel prices, the effects of the cessation of the air
carrier operations of Emery Worldwide Airlines, the possibility that CNF may,
from time to time, be required to pay indemnification claims in connection
with the sale of Menlo Worldwide's forwarding operations, or to record
impairment charges for goodwill and other long-lived assets, the possibility
of defaults under CNF's $385 million credit agreement and other debt
instruments (including defaults resulting from additional unusual charges),
and the possibility that CNF may be required to repay certain indebtedness in
the event that the ratings assigned to its long-term senior debt by credit
rating agencies are reduced, labor matters, enforcement of and changes in
governmental regulations, environmental and tax matters, the February 2000
crash of an EWA aircraft and related litigation, matters relating to CNF's
1996 spin-off of Consolidated Freightways Corporation (CFC), including the
possibility that CFC's multi-employer pension plans may assert claims against
CNF, and matters relating to CNF's defined benefit pension plans. The factors
included herein and in Item 7 of CNF's 2003 Annual Report on Form 10-K as
well as other filings with the Securities and Exchange Commission could cause
actual results and other matters to differ materially from those in such
forward-looking statements. As a result, no assurance can be given as to
future financial condition, cash flows, or results of operations.
# # #

EX - 99 3 dec20992 . txt EXHIBIT 99 . 2 CNF 3240 HILLVIEW AVENUE , PALO ALTO , CA 94304 - 1297 ( 650 ) 494 - 2900 NEWS RELEASE Contacts : Investors - Patrick Fossenier ( 650 ) 813 - 5353 Media - Jamie Fenimore ( 650 ) 813 - 5358 CNF COMPLETES SALE OF MENLO WORLDWIDE FORWARDING PALO ALTO , Calif . , Dec. 20 , 2004 - CNF Inc . ( NYSE : CNF ) today announced that it has completed the sale of its Menlo Worldwide Forwarding unit to United Parcel Service of America Inc . for $ 150 million in cash plus the assumption of approximately $ 110 million of debt . The sale closed and became effective December 19 , 2004 and includes Menlo Worldwide Forwarding 's air and ocean forwarding operations in more than 175 countries , its North American services and facilities , its operations hub in Dayton , Ohio , Menlo Worldwide Expedite ! and Menlo Worldwide Trade Services . CNF continues to own and operate Menlo Worldwide Logistics , Menlo Worldwide Technologies , Vector SCM and Con - Way Transportation Services . UPS is the world 's largest package delivery company and a global leader in supply chain services , offering an extensive range of options for synchronizing the movement of goods , information and funds . With headquarters in Atlanta , Ga . , UPS serves more than 200 countries and territories worldwide . UPS 's stock trades on the New York Stock Exchange ( UPS ) and the company can be found on the Web at UPS.com . CNF ( NYSE : CNF ) is a $ 3.7 billion management company of global supply chain services with businesses in regional trucking , global logistics management and trailer manufacturing . Information about CNF and its companies can be found on the Web at CNF.com . Forward Looking Statements Certain statements in this press release constitute " forward - looking statements " and are subject to a number of risks and uncertainties and should not be relied upon as predictions of future events . All statements other than statements of historical fact are forward - looking statements , including any projections and objectives of management for future operations , any statements regarding contributions to pension plans , any statements as to the adequacy of reserves , any statements regarding the possible outcome of claims brought against CNF , any statements regarding future economic conditions or performance , any statements of estimates or belief and any statements or assumptions underlying the foregoing . Specific factors that could cause actual results and other matters to differ materially from those discussed in such forward - looking statements include : changes in general business and economic conditions , the creditworthiness of CNF 's customers and their ability to pay for services rendered , increasing competition and pricing pressure , changes in fuel prices , the effects of the cessation of the air carrier operations of Emery Worldwide Airlines , the possibility that CNF may , from time to time , be required to pay indemnification claims in connection with the sale of Menlo Worldwide ' s forwarding operations , or to record impairment charges for goodwill and other long - lived assets , the possibility of defaults under CNF 's $ 385 million credit agreement and other debt instruments ( including defaults resulting from additional unusual charges ) , and the possibility that CNF may be required to repay certain indebtedness in the event that the ratings assigned to its long - term senior debt by credit rating agencies are reduced , labor matters , enforcement of and changes in governmental regulations , environmental and tax matters , the February 2000 crash of an EWA aircraft and related litigation , matters relating to CNF 's 1996 spin - off of Consolidated Freightways Corporation ( CFC ) , including the possibility that CFC 's multi - employer pension plans may assert claims against CNF , and matters relating to CNF 's defined benefit pension plans . The factors included herein and in Item 7 of CNF 's 2003 Annual Report on Form 10 - K as well as other filings with the Securities and Exchange Commission could cause actual results and other matters to differ materially from those in such forward - looking statements . As a result , no assurance can be given as to future financial condition , cash flows , or results of operations . # # #