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XPO, Inc.
FormerlyXPO Logistics, Inc.
(2011–2022)
Company typePublic
Founded2000;24 years ago(2000)
FounderBrad Jacobs
HeadquartersGreenwich, Connecticut,US
Number of locations
564 (2022)[1]
Key people
RevenueIncreaseUS$7.74 billion(2023)
IncreaseUS$438 million (2023)
DecreaseUS$189 million (2023)
Total assetsIncreaseUS$7.5 billion (2023)
Total equityIncreaseUS$1.27 billion (2023)
Number of employees
38,000 (December 2023)[1]
Websitewww.xpo.comEdit this at Wikidata
Footnotes / references
[2][3][4][5][6][7]

XPO, Inc.is an American transportation company that conductsless-than-truckload shippingin North America.[8][9][10]The company has headquarters inGreenwich, Connecticut,US and 564 locations globally.[1]

History[edit]

2011–2021[edit]

The company was initially called Express-1 Expedited Solutions and listed onAmerican Stock Exchangeunder the ticker symbol XPO. It was acquired byBrad Jacobsand renamed to XPO Logistics in September 2011.[9][11][12]In June 2012, XPO listed its shares on the New York Stock Exchange.[13]

XPO has acquired a number of logistics businesses in North America and overseas.[14]Some notable acquisitions include:3PD, Inc.(August 2013),Pacer International, Inc.(March 2014),Norbert Dentressangle SA(April 2015) andCon-way Inc.(October 2015). XPO paid US$3.56 billion, which included acquired debt, for European transport company Norbert Dentressangle and $3 billion for Con-way.[15][16]

XPO sold its truckload division (acquired from Con-Way) toTransForcefor $558 million in cash.[17]

In June 2016, XPO was included in theFortune 500list of the largest US corporations based on revenue.[18]

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

Beginning in 2021, XPO Logistics broke into three separate publicly-traded companies, making XPO solely an LTL (less-than-truckload) provider.[21][22]

XPO truck

GXO Logistics[edit]

In August 2021, the company spun off its contract logistics business into a separate company namedGXO Logistics,with facilities located primarily throughout North America and Europe.[23][21]GXO stands for "game-changing opportunities".[24]Malcolm Wilson is the CEO of the company.[25]

RXO[edit]

This was followed by XPO Logistics spinning off its brokerage and other services segment to a separate company named RXO, Inc. in November 2022.[26][27][28][29]RXO stands for "reliability multiplied by outperformance" and provides globalforwarding.[29]RXO is headquartered inCharlotte, North Carolina,and provides managed transportation andlast-mile logistics.[30]Drew Wilkerson was appointed as CEO of the company.[10]

2022–present[edit]

XPO dropped "Logistics" from its name in December 2022 and remains solely an LTL carrier, which allows multiple customers to transport goods in the same truck.[26]In August 2022,Brad Jacobsannounced he was stepping down as CEO and would serve as executive chairman. Mario Harik, XPO's former chief information officer, who also serves as the company's president, was appointed as CEO.[23]In March 2022, XPO sold its North Americanintermodalbusiness to Illinois-basedSTG Logisticsfor $710 million.[31][21]In March 2023, XPO appointed J. Wes Frye, a retired industry veteran, to its board of directors.[32]In April 2023, XPO announced the hire of Dave Bates as chief operating officer of North American LTL.[33]In December 2023, XPO received approval from a Delaware bankruptcy court to acquire 28 service centers ofYellow Corporationfor $870 million as a part ofChapter 11 bankruptcy.[34][35]The acquisition was finalized in January 2024.[36]

Operations[edit]

North American LTL[edit]

XPOLTLfacility inTomah, Wisconsin,formerly aCon-way Freightterminal

XPO is the second largest provider of less-than-truckload services in North America.[37]Since November 2022, the company's North American operations have been solely focused on LTL freight transportation.[38]LTL is a freight model which involves shipping smaller quantities of goods for multiple customers at a time.[39]In 2022, XPO's CEO stated that the company operates in 99% of US zip codes.[40]As of March 2022,XPO produces new and re-manufactured trailers at a factory inSearcy, Arkansas.[40][41]

European Transportation Segment[edit]

XPO provides dedicated truckload, LTL, truckbrokerage,managed transportation, last mile andfreight forwardingin Europe.[42]The company also managesmultimodalsolutions, such as road-rail and road-short sea combinations.[43]1,000 new drivers were hired in the U.K. andIrelandin 2022.[44][45]

Controversy[edit]

A 2018 article byThe New York Timesprofiled the experiences of several employees working at aMemphiswarehouse operated by XPO.[46][47][48]The warehouse had no windows orair conditioning,and sometimes temperatures there surpassed 100 °F (38 °C). The article described several cases of warehouse workersmiscarrying,which were attributed to management's refusal to allow pregnant workers to avoid strenuous jobs.[49]According to the article and XPO employees, a worker died ofcardiac arreston the warehouse floor in 2017; employees said they were told by managers to continue working. A spokesperson for XPO called the allegations in the article "unsubstantiated, filled with inaccuracies", and claimed they were "fueled by theTeamsters".[46]

In October 2021, XPO agreed to pay $30 million to 784 drivers who said the company paid them less thanminimum wage.[50][51]

See also[edit]

References[edit]

  1. ^abcSchott, Paul (October 31, 2022)."Greenwich-based XPO Logistics to spin off truck-brokerage business on Tuesday".CT Insider.RetrievedMarch 14,2023.After the spin-off, XPO will serve about 43,000 shippers, with 564 locations and 38,000 employees worldwide.
  2. ^"Form 10-k files 02/08/2024".
  3. ^"XPO, Inc. 2022 Annual Report (Form 10-K)".U.S. Securities and Exchange Commission.February 13, 2023.
  4. ^"XPO Logistics Ranked Fourth Largest Freight Brokerage Firm and Top 50 Logistics Company".Reuters. November 13, 2013.
  5. ^"Profile:XPO Logistics, Inc".Reuters. Archived fromthe originalon October 10, 2010.
  6. ^"Facts and Figures"(PDF).XPO Logistics.October 31, 2018.RetrievedNovember 1,2018.
  7. ^"XPO Logistics hires new CFO as it weighs asset sale".The Wall Street Journal.February 10, 2020.
  8. ^"XPO Logistics: Fast growth through acquisitions and management style".Westfair Communications.November 17, 2017.RetrievedMarch 15,2023.
  9. ^ab"Jacobs puts $150 million into Express-1, aims big".Reuters.June 14, 2011.RetrievedMarch 15,2023.
  10. ^abRobinson, Chuck (August 9, 2022)."XPO Logistics revenue's up as company manages changes".Land Line.RetrievedFebruary 2,2023.
  11. ^"XPO's Billionaire Chairman Is Hunting for His Next Big Deal".Time.November 27, 2022.RetrievedMarch 14,2023.
  12. ^"Better Than Amazon? How Bradley Jacobs Turned A $63M Bet Into A $12 Billion Transportation Empire".Forbes.RetrievedMarch 14,2023.
  13. ^"XPO Logistics heads to NYSE".FreightWaves.June 11, 2012.
  14. ^"XPO Logistics eyes up to $8bn in deals".Financial Times.May 3, 2018.
  15. ^"US logistics group XPO buying France's Dentressangle".Business Insider.April 28, 2014.
  16. ^"XPO Logistics to Acquire Trucker Con-way in $3 Billion Deal".The Wall Street Journal.September 9, 2015.
  17. ^"XPO Logistics Sells Truckload Shipping Business to TransForce for $558 Million".The Wall Street Journal.October 27, 2016.
  18. ^"Here are the 15 New Companies Joining the Fortune 500".Fortune.June 6, 2016.RetrievedJune 7,2016.
  19. ^"Golf: XPO Logistics nominato partner ufficiale per i trasporti della Evian Championship".SPORTFAIR(in Italian). September 15, 2017.RetrievedOctober 22,2017.
  20. ^"XPO Moves The Tour: The Game".App Store.RetrievedJuly 22,2019.
  21. ^abcO'Neal, Lydia (March 25, 2022)."XPO Logistics Sells Intermodal Business to STG".Wall Street Journal.ISSN0099-9660.RetrievedJanuary 30,2023.
  22. ^"XPO Logistics will now focus just on trucking, as it spins off and sells other businesses".CNBC.March 8, 2022.RetrievedMarch 14,2023.
  23. ^abYoung, Liz (August 4, 2022)."Brad Jacobs Will Step Aside as CEO of XPO Logistics".Wall Street Journal.ISSN0099-9660.RetrievedFebruary 2,2023.
  24. ^"XPO Sets GXO Logistics as Name of New Spinoff Company".Transport Topics.March 18, 2021.RetrievedMarch 15,2023.
  25. ^Council, Jared (April 10, 2021)."XPO Logistics Taps CIO for Supply-Chain Services Spinoff".Wall Street Journal.ISSN0099-9660.RetrievedFebruary 2,2023.
  26. ^abO'Neal, Lydia (March 8, 2022)."XPO Logistics to Spin Off Freight Brokerage, Exit Intermodal and Europe Business".Wall Street Journal.RetrievedAugust 3,2022.
  27. ^O'Neal, Lydia (May 9, 2022)."XPO Logistics Names CEO for New Freight Spinoff".Wall Street Journal.RetrievedAugust 3,2022.
  28. ^Northington, Laurie (June 9, 2022)."XPO Taps Yoav Amiel as Chief Information Officer for Spin-Off".Home Furnishings Business.RetrievedAugust 3,2022.
  29. ^ab"XPO Names New Tech Brokerage Company RXO".Transport Topics.July 12, 2022.RetrievedJuly 13,2022.
  30. ^Schott, Paul (July 13, 2022)."XPO Logistics announces name of truck-brokerage spin-off".CT Insider.RetrievedFebruary 2,2023.
  31. ^Schott, Paul (March 25, 2022)."Greenwich's XPO Logistics sells shipping business for $710M".GreenwichTime.RetrievedJanuary 30,2023.
  32. ^"XPO names former Old Dominion CFO to board of directors".Transport Dive.RetrievedMay 30,2023.
  33. ^Root, Al."XPO Stock Soars. One Executive Is Worth More Than Half a Billion Dollars".www.barrons.com.RetrievedMay 30,2023.
  34. ^Nakrosis, Stephen (December 12, 2023)."XPO Gets Approval to Acquire 28 Service Centers as Part of Yellow's Bankruptcy".Wall Street Journal.ISSN0099-9660.RetrievedDecember 13,2023.
  35. ^"XPO ready to deploy 28 new service centers".Yahoo Finance.December 13, 2023.RetrievedDecember 13,2023.
  36. ^Jarrell, Zachary (January 25, 2024)."Large freight company acquires former Yellow Corp. facility in Dayton during bankruptcy auction".www.bizjournals.com.RetrievedJanuary 29,2024.
  37. ^"XPO Logistics to buy U.S. trucker Con-way in $3 bln deal".Reuters.September 9, 2015.RetrievedMarch 15,2023.
  38. ^"XPO Logistics invests in IT for the long haul".CIO.RetrievedMarch 2,2023.
  39. ^Nelissen, Leo (February 20, 2023)."The Hidden Gem Of Logistics: XPO Inc.'s Untapped Potential (NYSE:XPO) | Seeking Alpha".seekingalpha.com.RetrievedMarch 2,2023.
  40. ^abGilroy, Roger (March 25, 2022)."XPO Ramps Up Trailer Production in Arkansas".Transport Topics.RetrievedAugust 3,2022.
  41. ^Stocking, Richard (April 8, 2022)."Trucking is changing. Are you adapting?".Commercial Carrier Journal.RetrievedAugust 3,2022.
  42. ^Smith, Jennifer (February 7, 2018)."XPO Logistics Extending Home Delivery Service to Europe".Wall Street Journal.ISSN0099-9660.Archivedfrom the original on November 9, 2020.RetrievedOctober 31,2023.
  43. ^"XPO 2022 10-K".Investors - XPO Inc.
  44. ^Baker, Elizabeth (November 30, 2022)."XPO hires more than 1,000 UK drivers in 2022".Parcel and Postal Technology International.RetrievedMarch 14,2023.
  45. ^Gilbert, Helen (November 30, 2022)."XPO hires more than 1,000 UK drivers in 2022 following salary review".The Grocer.Archivedfrom the original on April 25, 2024.RetrievedMarch 14,2023.
  46. ^abSilver-Greenberg, Jessica; Kitroeff, Natalie (October 21, 2018)."Miscarrying at Work: The Physical Toll of Pregnancy Discrimination".The New York Times.ISSN0362-4331.RetrievedDecember 6,2021.
  47. ^"XPO Gains National Notoriety for its Horrific Working Conditions".Memphis Flyer.RetrievedJanuary 15,2023.
  48. ^"Working conditions in Memphis warehouse linked to miscarriages, NYT reports".The Commercial Appeal.RetrievedJanuary 15,2023.
  49. ^"Life and Death on the Warehouse Floor".Ms. Magazine.October 31, 2018.RetrievedJanuary 15,2023.
  50. ^Roosevelt, Margot (October 13, 2021)."Port truckers win $30 million in wage theft settlements".Los Angeles Times.RetrievedJuly 30,2023.
  51. ^Kingston, John (October 13, 2021)."XPO settles 2 California worker classification cases for nearly $30M".FreightWaves.RetrievedJuly 30,2023.

External links[edit]

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