GXO Logistics has been officially spun off from parent XPO Logistics.
It began trading on the New York Stock Exchange on August 2. GXO is the former global logistics segment of XPO Logistics and is now and independent pure-play contract logistics provider.
“This is an exciting milestone in GXO’s history. We consider it a privilege to launch GXO as a new company at the top of the industry,” said Malcolm Wilson, chief executive officer of GXO.
“We have a powerful platform for future growth, including our culture of innovation, strong customer relationships, seasoned leaders and a world-class team. This is day one of unlocking vast new potential for our company.”
GXO launches with approximately 94,000 team members worldwide and more than 208 million square feet of warehouse space in 869 locations across 27 countries. its global customers include Apple, Nike, Nestlé and Whirlpool, along with high-growth companies in e-commerce and other key sectors, including apparel, technology, food and beverage and consumer electronics.
GXO uses advanced automation and collaborative robots to boost productivity, and uses machine learning, data science and predictive analytics.
Under the terms of the previously announced separation, XPO stockholders received one share of GXO common stock for every one share of XPO common stock held as of the close of business on the record date for the distribution, July 23, 2021.
GXO shares were distributed at 12:01 a.m. Eastern Time on August 2, 2021 in a distribution that is intended to be tax-free to XPO stockholders for U.S. federal income tax purposes. In connection with the separation, GXO made a $794 million cash payment to XPO.