GXO Logistics has been unveiled as the new name for the planned spin-off of XPO’s logistics business.
The company has filed a confidential initial Form 10 registration statement with the US Securities and Exchange Commission, with the expectation of board approval later this year.
XPO first announced its plans to create two stand-alone companies, each focusing separately on freight transportation and logistics, last December.
Post-separation, Malcolm Wilson, XPO’s chief executive officer – Europe, is to take on the role of CEO of GXO – overseeing what will be the second largest contract logistics provider in the world.
Wilson said: “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
“I’m looking forward to leading our global team to the many new opportunities in our future.”
Brad Jacobs, chairman and chief executive officer of XPO Logistics, said: “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.”
Goldman Sachs & Co LLC and Wachtell, Lipton, Rosen & Katz will assist with the spin-off process, as financial advisor and legal advisor respectively.
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