Description
XPO Logistics is an American freight transportation company that provides less-than-truckload and truck brokerage services in 18 countries. XPO's corporate headquarters are located in Greenwich, Connecticut, U.S.
History
In September 2011, American businessman Brad Jacobs acquired Express-1 Expedited Solutions, Inc. and became its chairman and CEO. The company changed its name to XPO Logistics – a reference to Express-1's AMEX ticker symbol, "XPO" – and began acquiring other companies in the transportation and logistics sector.
In March 2012, XPO opened a national operations center in Charlotte, N.C. and listed its shares on the New York Stock Exchange in June of the same year.
On April 28, 2015 XPO Logistics announced a $3.56 billion (3.24 billion euros) deal to acquire the European based Norbert Dentressangle, including acquired debt. The acquisition was completed on June 8th, 2015 and the Dentressangle brand was phased out from June 2015. This helped XPO expand into the European trucking and logistics market.
On September 9th, 2015 XPO acquired Con-way for $3 billion, this move helped grow XPO's LTL operations in North America as XPO absorbed 16,600 employees, more than 365 operating locations, 16,000 dock doors and 32,750 tractors and trailers from the Con-Way purchase. Roughly one year later XPO sold their truckload division (acquired from Con-Way) to the Canadian based TransForce for $558 million in cash.
In June 2016, XPO was included in the Fortune 500 list of the largesU.S. corporations based on revenue.By May 2019, XPO was ranked 180th on the Fortune 500 list.[] XPO Logistics, Inc. was the 7th best-performing stock of the last decade on the Fortune 500, with its share price rising more than 1,000% from the time its CEO, Brad Jacobs, tookontrol.
In December 2020, XPO announced plans to spin off its logistics segment as GXO Logistics, creating two, independent companies: XPO as a provider of freight transportation services and GXO as the world's largest pure-play provider of contract logistics services. The spin-off was completed in August 2021, with Brad Jacobs as Non-Executive Chairman and Malcolm Wilson as CEO.
