US-based company, XPO Logistics, has announced the name of its spinoff logistics business.
The spinoff business, GXO Logistics, Inc., will enter the market with the tagline ‘Logistics at full potential’ and made its debut with a video introduction showcasing its logo and message.
“Today [18 March 2021], we took an exciting step forward on our path to spinning off our logistics segment,” said XPO Logistics Chairman and CEO, Brad Jacobs.
“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.
“GXO will take this legacy into the future as an independent public company, with countless ways to deliver logistics at full potential.”
Fuelled by years of investment in technology as part of XPO, GXO will reportedly be in a strong position to capitalise 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.
GXO will have an undiluted focus on its strategic priorities and blue-chip customer base, with a standalone equity currency to create long-term value for its stakeholders.
“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 XPO Logistics CEO – Europe, Malcolm Wilson, 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 spinoff.