XPO, Inc.

XPO, Inc. is an American transportation company that conducts less-than-truckload shipping.[6] The company's headquarters are located in Greenwich, Connecticut, U.S.[7][8]

XPO Logistics truck

XPO, Inc.
FormerlyXPO Logistics, Inc.
(2011–2022)
TypePublic company
Founded2000 (2000)
HeadquartersGreenwich, Connecticut, U.S.
Number of locations
554 (2022)
Key people
  • Brad Jacobs (Chairman)
  • Mario Harik (CEO)
Revenue US$7.72 billion (2022)
US$377 million (2022)
US$666 million (2022)
Total assets US$6.27 billion (2022)
Total equity US$1.01 billion (2022)
Number of employees
38,000 (December 2022)
Websitexpo.com
Footnotes / references
[1][2][3][4][5]

History

The company was initially called Express-1 Expedited Solutions before being renamed to XPO Logistics in September 2011. In June 2012, XPO listed its shares on the New York Stock Exchange.[8]

XPO has been a serial acquirer of logistics businesses, both in North America and overseas.[9] It acquired New Breed Logistics, run by Louis DeJoy, later United States Postmaster General, in 2014.[10][11] In April 2015, XPO purchased European transport company Norbert Dentressangle at a cost of US$3.56 billion, including acquired debt.[12]

In September of 2015 XPO acquired Con-way for $3 billion.[13] XPO sold their truckload division (acquired from Con-Way) to TransForce for $558 million in cash.[14]

In June 2016, XPO was included in the Fortune 500 list of the largest U.S. corporations based on revenue.[15]

In 2019, XPO was the first global logistics company to join the Massachusetts Institute of Technology (MIT) Industrial Liaison Program, a partnership organization that pairs MIT resources with corporations worldwide to solve global business challenges.[16][17][18]

The company has conducted logistics operations for the Evian Golf Championship and the Paris Marathon.[19] In 2019, XPO Logistics released a mobile game simulating freight operations for the Tour de France.[20]

As of March 2022, XPO produces new and remanufactured trailers at a factory in Searcy, Arkansas.[21][22] In the same month, XPO sold its North American intermodal business to Illinois-based STG Logistics for $710 million.[23][24] The sale included approximately 700 employees across 48 locations.[23][24]

In December 2022, the company announced it was delaying plans to sell off its European business due to weakened capital markets.[25][26] The company delivers heavy items to residents like engines, fountains, and other large equipment.

Company reorganization

Beginning in 2021, XPO Logistics broke into three separate publicly-traded companies, making XPO solely an LTL provider.[27]

GXO

In August 2021, the company spun off its global contract logistics business into a separate company named GXO Logistics, with facilities located primarily throughout North America and Europe. GXO stands for “game-changing opportunities.”[28] Malcolm Wilson is the CEO of the company.[29]

RXO

This was followed by XPO Logistics spinning off its brokerage and other services segment to a separate company named RXO Inc. in November 2022.[30][31][32][33] RXO, which stands for “reliability multiplied by outperformance” is headquartered in Charlotte, North Carolina and provides managed transportation, last-mile logistics and global forwarding.[34] Drew Wilkerson is CEO of the company.[35]

2022-Present

XPO dropped “Logistics” from its name in December 2022 and remains solely as an LTL carrier, which allows multiple customers to transport goods in the same truck.[30] In August 2022, Bradley Jacobs announced he was stepping down as CEO and would be replaced by Mario Harik, XPO’s former chief information officer, who also serves as the company’s president.[28]

Acquisitions

XPO acquired 17 companies from 2012 to 2015.[36][37][38]

  • Continental Freight Services (May 2012)
  • Kelron Distribution Systems (August 2012)
  • BirdDog Logistics Services and Turbo Logistics (October 2012)
  • East Coast Air Charter, Inc. and Covered Logistics & Transportation (February 2013)
  • Interide Logistics (May 2013)
  • 3PD, Inc. (August 2013)
  • Optima Service Solutions (November 2013)
  • National Logistics Management (December 2013)
  • Pacer International, Inc. (March 2014)
  • Simply Logistics, Inc. (July 2014)
  • UX Specialized Logistics (February 2015)
  • Norbert Dentressangle SA (April 2015)
  • Bridge Terminal Transport (May 2015)
  • New Breed logistics (September 2015)
  • Con-way Inc. (October 2015)

Controversies

A 2018 article by The New York Times profiled experiences of several female employees working at a Memphis warehouse operated by XPO.[39][40] XPO spokesperson Erin Kurtz stated that the claims were unsubstantiated and filled with inaccuracies.[41]

See also

References
  1. "XPO, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 13, 2023.
  2. "XPO Logistics Ranked Fourth Largest Freight Brokerage Firm and Top 50 Logistics Company". Reuters. November 13, 2013.
  3. "Profile:XPO Logistics, Inc". Reuters. Archived from the original on October 10, 2010.
  4. "Facts and Figures" (PDF). XPO Logistics. October 31, 2018. Retrieved November 1, 2018.
  5. "XPO Logistics hires new CFO as it weighs asset sale". The Wall Street Journal. February 10, 2020.
  6. "XPO Completes Spin-Off of RXO". news.xpo.com. Retrieved November 7, 2022.
  7. Ossenbeck, Brian P. (March 10, 2017). XPO Logistics. J.P. Morgan Aviation, Transportation and Industrials Conference. J.P. Morgan.
  8. "XPO Logistics Announces Public Filing of Form 10 Registration Statement for Planned Spin-Off of GXO Logistics". xpo.com. June 9, 2021. Retrieved August 2, 2021.
  9. "XPO Logistics eyes up to $8bn in deals". Financial Times. May 3, 2018.
  10. Broadwater, Luke; Edmondson, Catie (September 2, 2020). "Postal Service Has Paid DeJoy's Former Company $286 Million Since 2013". New York Times.
  11. Evans, Matt (July 30, 2014). "New Breed bought by Connecticut firm for $615M". Triad Business Journal.
  12. "US logistics group XPO buying France's Dentressangle". Business Insider. April 28, 2014.
  13. "XPO Logistics to Acquire Trucker Con-way in $3 Billion Deal". The Wall Street Journal. September 9, 2015.
  14. "XPO Logistics Sells Truckload Shipping Business to TransForce for $558 Million". The Wall Street Journal. October 27, 2016.
  15. "Here are the 15 New Companies Joining the Fortune 500". Fortune. June 6, 2016. Retrieved June 7, 2016.
  16. "XPO Logistics joins MIT's Industrial Liaison Program – DC Velocity". DCVelocity.com. Retrieved December 2, 2019.
  17. "XPO enters into partnership with MIT's Industrial Liaison Program and adds new board member". Logisticsmgmt.com. Retrieved December 2, 2019.
  18. "The Morning Download: New Iron Mountain CIO Comes With G Suite". Createsend.com. Retrieved December 2, 2019.
  19. "Golf: XPO Logistics nominato partner ufficiale per i trasporti della Evian Championship". SPORTFAIR (in Italian). September 15, 2017. Retrieved October 22, 2017.
  20. "XPO Moves The Tour: The Game". App Store. Retrieved July 22, 2019.
  21. Gilroy, Roger (March 25, 2022). "XPO Ramps Up Trailer Production in Arkansas". Transport Topics. Retrieved August 3, 2022.{{cite web}}: CS1 maint: url-status (link)
  22. Stocking, Richard (April 8, 2022). "Trucking is changing. Are you adapting?". Commercial Carrier Journal. Retrieved August 3, 2022.{{cite web}}: CS1 maint: url-status (link)
  23. Schott, Paul (March 25, 2022). "Greenwich's XPO Logistics sells shipping business for $710M". GreenwichTime. Retrieved January 30, 2023.
  24. O’Neal, Lydia (March 25, 2022). "XPO Logistics Sells Intermodal Business to STG". Wall Street Journal. ISSN 0099-9660. Retrieved January 30, 2023.
  25. "XPO will hold onto European business — for now". Transport Dive. Retrieved January 30, 2023.
  26. Maiden, Todd (January 2, 2023). "Transformational deals in trucking during 2022". FreightWaves. Retrieved January 30, 2023.
  27. O’Neal, Lydia (March 25, 2022). "XPO Logistics Sells Intermodal Business to STG". Wall Street Journal. ISSN 0099-9660. Retrieved February 2, 2023.
  28. Young, Liz (August 4, 2022). "Brad Jacobs Will Step Aside as CEO of XPO Logistics". Wall Street Journal. ISSN 0099-9660. Retrieved February 2, 2023.
  29. Council, Jared (April 10, 2021). "XPO Logistics Taps CIO for Supply-Chain Services Spinoff". Wall Street Journal. ISSN 0099-9660. Retrieved February 2, 2023.
  30. O'Neal, Lydia (March 8, 2022). "XPO Logistics to Spin Off Freight Brokerage, Exit Intermodal and Europe Business". Wall Street Journal. Retrieved August 3, 2022.{{cite web}}: CS1 maint: url-status (link)
  31. O'Neal, Lydia (May 9, 2022). "XPO Logistics Names CEO for New Freight Spinoff". Wall Street Journal. Retrieved August 3, 2022.{{cite web}}: CS1 maint: url-status (link)
  32. Northington, Laurie (June 9, 2022). "XPO Taps Yoav Amiel as Chief Information Officer for Spin-Off". Home Furnishings Business. Retrieved August 3, 2022.{{cite web}}: CS1 maint: url-status (link)
  33. "XPO Names New Tech Brokerage Company RXO". Transport Topics. July 12, 2022. Retrieved July 13, 2022.
  34. Schott, Paul (July 13, 2022). "XPO Logistics announces name of truck-brokerage spin-off". CT Insider. Retrieved February 2, 2023.
  35. Robinson, Chuck (August 9, 2022). "XPO Logistics revenue's up as company manages changes". Land Line. Retrieved February 2, 2023.
  36. "From sapling to pure-play LTL: The story of XPO Logistics under Jacobs". Transport Dive. Retrieved January 31, 2023.
  37. Solomon, Mark (September 26, 2019). "XPO inching way back into the M&A game, Jacobs tells analysts". FreightWaves. Retrieved January 31, 2023.
  38. Smith, Jennifer (December 16, 2018). "XPO Logistics Delivers a Roller-Coaster Ride to Wall Street". Wall Street Journal. ISSN 0099-9660. Retrieved January 31, 2023.
  39. "XPO Gains National Notoriety for its Horrific Working Conditions". Memphis Flyer. Retrieved January 15, 2023.
  40. "Working conditions in Memphis warehouse linked to miscarriages, NYT reports". www.commercialappeal.com. Retrieved January 15, 2023.
  41. Silver-Greenberg, Jessica; Kitroeff, Natalie (October 21, 2018). "Miscarrying at Work: The Physical Toll of Pregnancy Discrimination". The New York Times. ISSN 0362-4331. Retrieved December 6, 2021.
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