XPO Logistics, Inc. (NYSE: XPO), a leading provider of
freight transportation services, today announced that a new company
identity has been created in connection with the planned spin-off
of its tech-enabled brokerage platform. The spin-off is named
RXO to reflect the company’s commitment to
provide reliability multiplied by outperformance.
RXO will go to market with the tagline “Massive capacity.
Cutting-edge technology.”
XPO unveiled the new company’s identity on a
landing page, RXO.com, where visitors can register to receive
news about the spin-off’s upcoming milestones and leadership
appointments.
Brad Jacobs, chairman and chief executive officer
of XPO Logistics, said, “Our spin-off now has a name — RXO —
bringing it one step closer to becoming a standalone industry
leader. Our best-in-class truck brokerage business will be the
keystone of RXO’s asset-light platform, poised to continue to take
share of a growing market.”
Drew Wilkerson, XPO’s president, North American
transportation, who has been named to become chief executive
officer of RXO, said, “The new brand embodies our competitive
positioning of reliable outperformance, propelled by multiple
tailwinds. RXO will launch with a widely adopted digital platform
that gives shippers and carriers the automation they demand. I’m
excited to lead our team to even greater achievements as a
tech-enabled pure-play.”
As previously announced, XPO intends to
separate its asset-based less-than-truckload business from its
asset-light brokered transportation platform, creating two
independent, publicly traded companies with vast growth prospects
in North America. The spin-off’s largest component will be truck
brokerage, with complementary brokered services for managed
transportation, last mile logistics and global
forwarding.
Usage of the RXO name, logo and other brand
components will become effective upon the spin-off of RXO,
Inc., which XPO expects to complete in the fourth quarter of
2022.
AdvisorsTo assist with the spin-off
process, XPO has retained, BofA Securities, Goldman Sachs & Co.
LLC and Morgan Stanley & Co. LLC as its financial advisors; and
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Wachtell,
Lipton, Rosen & Katz as its legal advisors.
About XPO LogisticsXPO Logistics,
Inc. (NYSE: XPO) is a leading provider of freight
transportation services, primarily less-than-truckload (LTL) and
truck brokerage. XPO uses its proprietary technology, including the
cutting-edge XPO Connect® automated freight marketplace, to move
goods efficiently through supply chains. The company’s global
network serves 50,000 shippers with approximately
731 locations and 42,000 employees, and is headquartered
in Greenwich, Conn., USA.
Visit xpo.com and europe.xpo.com for more
information, and connect with XPO
on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Forward-looking StatementsThis release
includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, including
statements relating to the planned spin-off, the expected timing of
the spin-off and the anticipated benefits of the spin-off. All
statements other than statements of historical fact are, or may be
deemed to be, forward-looking statements.
These forward-looking statements are based on
certain assumptions and analyses made by us in light of our
experience and our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances. These
forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions that may cause actual results, levels
of activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking
statements. Factors that might cause or contribute to a material
difference include the risks discussed in our filings with the SEC,
which may be accessed on the investor page of our
website.
All forward-looking statements set forth in this
release are qualified by these cautionary statements and there can
be no assurance that the actual results or developments anticipated
by us will be realized or, even if substantially realized, that
they will have the expected consequences to or effects on us or our
business or operations. Forward-looking statements set forth in
this release speak only as of the date hereof, and we do not
undertake any obligation to update forward-looking statements to
reflect subsequent events or circumstances, changes in expectations
or the occurrence of unanticipated events, except to the extent
required by law.
The spin-off remains 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, among other
requirements. There can be no assurance that the planned spin-off
will occur or, if it does occur, the terms or timing.
Investor ContactXPO Logistics, Inc.Tavio
Headley+1-203-413-4006tavio.headley@xpo.com
Media ContactXPO Logistics, Inc.Joe
Checkler+1-203-423-2098joe.checkler@xpo.com
XPO (NYSE:XPO)
Historical Stock Chart
From Jun 2024 to Jul 2024
XPO (NYSE:XPO)
Historical Stock Chart
From Jul 2023 to Jul 2024