XPO Logistics announced the identity of the new company that has been created in connection with the planned spin-off of XPO’s logistics business.
The global supply chain solutions provider said the company will be named GXO Logistics, Inc. and will go to market with the tagline “Logistics at full potential.”
“We took an exciting step forward on our path to spinning off our logistics segment. The new company is called GXO — three letters that stand for the game-changing opportunities we’re bringing to the table for customers, employees and shareholders, with a nod to our XPO heritage,” said Brad Jacobs, chairman and CEO of XPO Logistics.
XPO noted that fueled by years of investment in technology as part of XPO, GXO will be in a strong position to capitalize on the logistics industry’s predominant secular tailwinds: the growth in e-commerce and omnichannel retail, fast-growing customer demand for automation and digital capabilities, and a shift toward outsourcing supply chain services.
“The new company’s brand identity captures the qualities that make us an industry leader — our ability to deliver faster, leaner, smarter logistics for customers at lower cost, using advanced automation and data science,” said Malcolm Wilson, XPO’s chief executive officer – Europe, who has been named to become CEO of GXO.
“I’m looking forward to leading our global team to the many new opportunities in our future.”
In December 2020, XPO announced its intent to spin off the logistics segment of its existing business and create two pure-play industry powerhouses focused separately on transportation and logistics.
Post-separation, XPO will remain a global provider of freight transportation, primarily less-than-truckload and truck brokerage, and GXO will be the second-largest contract logistics provider in the world.
Usage of the new company name, logo and other brand components will become effective upon the completion of the spin-off.
XPO files confidential Form 10
Meanwhile, XPO said it filed a confidential initial Form 10 registration statement with the US Securities and Exchange Commission for the planned spin-off of its logistics business.
The filing, it noted, represents another significant milestone in the process required to complete the transaction, which the company continues to expect will take place in the second half of 2021,
“The transaction is subject to various conditions, including the effectiveness of the Form 10 registration statement, receipt of a tax opinion from counsel, the refinancing of XPO’s debt on terms satisfactory to the XPO board of directors, and final approval by the XPO board of directors,” it said.
XPO noted that there can be no assurance that a separation transaction will occur or, if one does occur, of its terms or timing.