Trucking news and briefs for Thursday, March 18, 2021:
XPO gives its warehousing spinoff a name
LTL and brokerage giant XPO Logistics on Thursday said its warehousing spinoff, which it announced in December it was dissecting from its trucking and freight brokerage businesses, will be called GXO. Like XPO, GXO will be publicly traded on the New York Stock Exchange.
The company will operate independently from XPO. The company says the initials stand for "game-changing opportunities."
Malcolm Wilson, previously CEO of XPO's European division, has been named CEO of GXO.
Brad Jacobs will remain chairman and CEO of XPO Logistics, and he's chairman of GXO's Board of Directors. The company says the GXO will be the second largest contract warehousing provider globally.
XPO further announced that it has filed a confidential initial Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of its warehousing business, and it expects the deal to close in the second half of 2021.