GXO Logistics
{{short description|American contract logistics and warehousing company}}
{{Infobox company
| name = GXO Logistics, Inc.
| logo = GXO Logistics logo.svg
| type = Public
| traded_as = {{ubl|class=nowrap|{{NYSE|GXO}}|S&P 400 component}}
| predecessor = XPO, Inc.
| founded = {{Start date and age|2021|08|02}}
| hq_location = {{nowrap|Greenwich, Connecticut, U.S.}}
| num_locations = 1,030
| num_locations_year = 2024
| key_people = {{ubl |Brad Jacobs (non-executive chairman) | Malcolm Wilson (CEO)| Baris Oran (CFO) }}
| num_employees = 152,000
| num_employees_year = 2024
| revenue = {{increase}} {{US$|11.7 billion|link=yes}}
| revenue_year = 2024
| operating_income = {{decrease}} {{US$|218 million}}
| income_year = 2024
| net_income = {{decrease}} {{US$|138 million}}
| net_income_year = 2024
| assets = {{increase}} {{US$|11.3 billion}}
| assets_year = 2024
| equity = {{increase}} {{US$|3.04 billion}}
| equity_year = 2024
| website = {{url|gxo.com}}
| footnotes = {{Cite web |date=February 18, 2025 |title=GXO Logistics, Inc. 2024 Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000007/gxo-20241231.htm |publisher=U.S. Securities and Exchange Commission}}{{Cite web |title=GXO Investor Presentation January 2023 |url=https://investors.gxo.com/static-files/26c83d50-e9a0-4b53-a3a0-42d804e7cfc4 |access-date=12 January 2023 |publisher=GXO, Inc.}}
}}
GXO Logistics, Inc. is an American global contract logistics{{Cite web |date=2021-08-02 |title=XPO Logistics Completes Spin Off of GXO Logistics |url=https://supplychaindigital.com/logistics/xpo-logistics-completes-spin-gxo-logistics |access-date=2023-04-09 |website=supplychaindigital.com |language=en}} company that manages outsourced supply chains and warehousing, and reverse logistics for blue-chip customers in over thirty countries.{{Cite web |date=July 28, 2021 |title=XPO Investor Presentation July 2021 |url=https://investors.xpo.com/static-files/7cee4ee3-0f3b-4959-8183-8fc705c7ef7d |access-date=August 2, 2021 |website=xpo.com}}{{Cite web |last=Hill |first=David |date=January 13, 2023 |title=MONEY FROM MOVING: Geography, infrastructure, megatrends drive growth in Triad's logistics industry |url=https://www.bizjournals.com/triad/news/2023/01/13/logistics-industry-evolution.html |access-date=2023-06-17 |website=www.bizjournals.com}}{{Cite web |date=2022-10-17 |title=GXO Logistics to Hire 4,000 for Holiday Season Across US |url=https://www.ttnews.com/articles/gxo-logistics-hire-4000-holiday-season-across-us |access-date=2023-11-29 |website=Transport Topics |language=en}} GXO's corporate headquarters are located in Greenwich, Connecticut, U.S.{{Cite web |date=June 9, 2021 |title=GXO Logistics, Inc. |url=https://www.sec.gov/Archives/edgar/data/1852244/000162828021011851/gxologisticsform10.htm |access-date=August 2, 2021 |website=SEC.gov}} Its customers include Apple, Nike Inc., Boeing Co., Verizon, Whirlpool, Inditex SA, and Nestle SA.{{Cite web |last=Thomas |first=Rhys |date=2021-08-02 |title=XPO Logistics Completes Spin Off of GXO Logistics |url=https://supplychaindigital.com/logistics/xpo-logistics-completes-spin-gxo-logistics |access-date=2023-10-06 |website=supplychaindigital.com |language=en}}{{Cite news |date=2022-08-19 |title=Robots Are Key to Winning the Productivity War |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/opinion/articles/2022-08-19/robots-are-key-to-winning-the-productivity-war |access-date=2023-10-06}}
History
In December 2020, XPO, Inc. announced that it would spin off its global contract logistics segment into a separate company.{{Cite web |last=Berman |first=Jeff |title=Spin-off of GXO Logistics from XPO Logistics is a done deal |url=https://www.logisticsmgmt.com/article/spin_off_of_gxo_logistics_from_xpo_logistics_is_a_done_deal |archive-url=https://web.archive.org/web/20210802141711/https://www.logisticsmgmt.com/article/spin_off_of_gxo_logistics_from_xpo_logistics_is_a_done_deal |url-status=live |archive-date=August 2, 2021 |access-date=2023-04-09 |website=Logistics Management |language=en }} In March 2021, XPO announced the new name of the firm as GXO Logistics Inc.{{Cite web |last=Sharkey |first=Grace |date=18 March 2021 |title=XPO Announces Logistics Spinoff GXO |url=https://www.freightwaves.com/news/xpo-announces-logistics-spinoff-gxo |access-date=19 March 2021 |website=Freightwaves}} The spin-off was completed on August 2, 2021, with American businessman Brad Jacobs named as Non-Executive Chairman, Malcolm Wilson as CEO; formerly the CEO of XPO, Inc. European division, and Baris Oran as CFO.{{Cite web |last=Warfield |first=Andy |date=August 3, 2021 |title=GXO chief financial officer: Triad a strategic location for firm's North American growth |url=https://www.bizjournals.com/triad/news/2021/08/03/gxo-spinoff-complete-from-xpo.html |access-date=2023-06-01 |website=www.bizjournals.com}}
In May 2022, GXO announced the acquisition of the U.K.-based retail logistics company, Clipper Logistics.{{Cite web |title=GXO completes Clipper Logistics acquisition following court approval {{!}} Financial News |url=https://www.lse.co.uk/news/gxo-completes-clipper-logistics-acquisition-following-court-approval-th1u2abxtogcrzh.html |access-date=2022-05-24 |website=www.lse.co.uk |language=en}}{{Cite news |date=9 November 2022 |title=GXO eyes improved 'returns' as Clipper buy can boost reverse logistics offering |publisher=Loadstar |url=https://theloadstar.com/gxo-eyes-improved-returns-as-clipper-buy-can-boost-reverse-logistics-offering/ |access-date=12 November 2022}} Clipper distributes goods for Marks & Spencer and Morrisons, and specialises in life sciences, reverse logistics, and repairs.{{Cite news |last=Crowley |first=Amy-Jo |date=2023-01-20 |title=GXO CEO sees large M&A opportunities in Canada |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/gxo-ceo-sees-large-ma-opportunities-canada-2023-01-20/ |access-date=2023-10-10}} Reverse logistics are the movement of products from consumers back to retailers.{{Cite web |last=Staff |first=TipRanks com |date=2022-10-02 |title=Top Wall Street analysts name the best stocks to ride a market downcycle |url=https://www.cnbc.com/2022/10/02/top-wall-street-analysts-see-alphabet-as-a-buying-opportunity.html |access-date=2023-10-10 |website=CNBC |language=en}} The acquisition was completed in October after final regulatory approval.{{Cite web |last=Straight |first=Brian |date=2022-10-04 |title=UK authorities clear GXO's $1.3B acquisition of Clipper Logistics |url=https://www.freightwaves.com/news/uk-authorities-clear-gxos-13b-acquisition-of-clipper-logistics |access-date=2023-09-18 |website=FreightWaves |language=en-US}} It expanded GXO’s presence into Germany and Poland, and added over 50 sites, 10 million square feet of warehouse space, and approximately 10,000 employees to the company.
That same month, as part of its European expansion, GXO also opened 30 shared warehouse facilities in the U.K.{{Cite web |last=Daleo |first=Jack |date=2023-03-28 |title=GXO Direct launches in UK with plans for future European expansion |url=https://www.freightwaves.com/news/gxo-direct-launches-in-uk-with-plans-for-future-european-expansion |access-date=2023-04-03 |website=FreightWaves |language=en-US}} In May 2022, the company was named to the Fortune 500.{{Cite web |last=Straight |first=Brian |date=2022-08-09 |title=GXO Logistics continues to write new chapters in its evolving story |url=https://www.freightwaves.com/news/gxo-continues-ecommerce-logistics-growth |access-date=2023-10-03 |website=FreightWaves |language=en-US}} At the end of the fourth quarter, it reported that e-commerce revenue had risen 31% and reverse logistics revenue 19%.{{Cite web |last=Solomon |first=Mark |date=2023-02-15 |title=GXO cautiously confident about '23 after beating bottom line in Q4 |url=https://www.freightwaves.com/news/gxo-cautiously-confident-about-23-after-beating-bottom-line-in-q4 |access-date=2023-10-30 |website=FreightWaves |language=en-US}} By October 2022, GXO had opened 90 sites, signed 450 new customer contracts, and hired 15,000 people.
In April 2023, GXO announced a partnership with Sainsbury, the U.K. supermarket chain, to manage fresh and frozen shipments at several warehouse sites.{{Cite web |last=Solomon |first=Mark |date=2023-04-12 |title=GXO big winner in Sainsbury's logistics overhaul |url=https://www.freightwaves.com/news/gxo-big-winner-in-sainsburys-logistics-overhaul |access-date=2023-08-29 |website=FreightWaves |language=en-US}} In June 2023, the company signed a partnership agreement with Zalando for a new, automated fulfillment center in Montereau-sur-le-Jard, located near Paris, France.{{Cite web |last=Kumaresan |first=Shivani |title=GXO Logistics Partners With European Fashion Platform Zalando For Fulfillment Center Operation - GXO Logistics (NYSE:GXO) |url=https://www.benzinga.com/markets/equities/23/06/32964740/gxo-logistics-partners-with-european-fashion-platform-zalando-for-fulfillment-center-operation |access-date=2023-08-31 |website=Benzinga |language=English}} Also in June, GXO also announced a multiyear expansion program in Germany.{{Cite web |date=2023-06-12 |title=GXO Launches Multiyear Expansion in Germany |url=https://www.ttnews.com/articles/gxo-expansion-germany |access-date=2023-09-21 |website=Transport Topics |language=en}}
The company had around 1,000 warehouses in June 2023.{{Cite web |last=Solomon |first=Mark |date=2023-06-08 |title=GXO plans multiyear expansion in Germany |url=https://www.freightwaves.com/news/gxo-plans-multiyear-expansion-in-germany |access-date=2023-11-17 |website=FreightWaves |language=en-US}} In July 2023, GXO announced that Adrian Stoch was appointed to the new executive position of chief automation officer.{{Cite web |last=Solomon |first=Mark |date=2023-07-25 |title=GXO names chief automation officer |url=https://www.freightwaves.com/news/gxo-names-chief-automation-officer |access-date=2023-09-06 |website=FreightWaves |language=en-US}}{{Cite web |title=GXO creates C-level role to lead its automation efforts {{!}} DC Velocity |url=https://www.dcvelocity.com/articles/58087-gxo-creates-c-level-role-to-lead-its-automation-efforts |access-date=2023-09-06 |website=www.dcvelocity.com |language=en}}
In October 2023, GXO acquired U.S.-based PFSweb, Inc., a tech-enabled eCommerce order fulfillment platform to expand its presence in North America.{{Cite web |last=Solomon |first=Mark |date=2023-09-14 |title=GXO acquires luxury goods fulfillment provider PFSweb |url=https://www.freightwaves.com/news/gxo-acquires-luxury-goods-fulfillment-provider-pfsweb |access-date=2023-09-20 |website=FreightWaves |language=en-US}}{{Cite web |date=2023-09-14 |title=Irving e-commerce provider PFSweb sold for $181 million to GXO Logistics |url=https://www.dallasnews.com/business/retail/2023/09/14/irving-e-commerce-provider-pfsweb-sold-for-181-million-to-gxo-logistics/ |access-date=2023-09-21 |website=Dallas News |language=en}}{{Cite web |last=Solomon |first=Mark |date=2023-09-14 |title=GXO acquires luxury goods fulfillment provider PFSweb |url=https://www.freightwaves.com/news/gxo-acquires-luxury-goods-fulfillment-provider-pfsweb |access-date=2023-11-10 |website=FreightWaves |language=en-US}}
In March 2024, GXO's takeover offer of Wincanton PLC worth £762 million was backed by its board of directors.{{Cite news |last=Kollewe |first=Julia |date=2024-03-01 |title=Wincanton backs £762m takeover offer from US group GXO |url=https://www.theguardian.com/business/2024/mar/01/wincanton-takeover-offer-gxo-uk-haulage |access-date=2024-04-30 |work=The Guardian |language=en-GB |issn=0261-3077}} The transaction was approved by the court on 25 April 2024, so allowing the take-over to be completed.{{Cite web |title=Court Sanction of Scheme of Arrangement {{!}} Shares Magazine |url=https://www.sharesmagazine.co.uk/news/market/LSE20240425122105_5158233/court-sanction-of-scheme-of-arrangement |access-date=2024-04-30 |website=www.sharesmagazine.co.uk}}
Technology
By the end of 2022, the company had approximately 7,600 pieces of technology operational in customer sites.{{Cite web |last=Events |first=UKi Media & |date=2022-12-07 |title=GXO grows North America and Europe technology deployment by more than 50% in 2022 |url=https://www.parcelandpostaltechnologyinternational.com/news/automation/gxo-grows-north-america-and-europe-technology-deployment-by-more-than-50-in-2022.html |access-date=2023-07-27 |website=Parcel and Postal Technology International |language=en-GB}} This included collaborative robots, vision scanners, automated guided vehicles (AGVs) and goods-to-person robots. In May 2023, GXO Direct announced that Blue Yonder was a new warehouse software partner.{{Cite web |title=Machine Learning Archives |url=https://logisticsviewpoints.com/tag/machine-learning/ |access-date=2023-09-06 |website=Logistics Viewpoints |language=en-US}}
Operations
{{As of|2021|8|alt=Following the split in August 2021}} from XPO, Inc., GXO had approximately 94,000 employees and operated 869 warehouses with more than {{Convert|208|e6sqft|e6m2|abbr=unit}} of facility space across 27 countries. GXO's contract logistics customers operate in technology{{Cite news |date=2017-08-02 |title=Promethean en XPO Logistics breiden contract uit • TTM.nl |language=nl-NL |work=TTM.nl |url=https://www.ttm.nl/nieuws/promethean-en-xpo-logistics-breiden-contract/90788/ |access-date=2017-10-22}} and infrastructure.{{Cite news |title=XPO Logistics wins Highways England contract renewal |language=en-GB |work=CILT(UK) |url=https://www.ciltuk.org.uk/News/LatestNews/TabId/235/ArtMID/6887/ArticleID/13540/XPO-Logistics-wins-Highways-England-contract-renewal.aspx |access-date=2017-10-22}} In 2023, GXO was the world’s largest contract logistics provider.{{Cite news |last=Crowley |first=Amy-Jo |date=2023-01-20 |title=GXO CEO sees large M&A opportunities in Canada |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/gxo-ceo-sees-large-ma-opportunities-canada-2023-01-20/ |access-date=2023-06-08}}
= GXO Direct =
GXO Direct is the shared services division of GXO Logistics. It was introduced in 2018 to provide an option for businesses who don’t require an entire warehouse for their products. GXO Direct allows multiple customers to utilize one warehouse.{{Cite web |last=Straight |first=Brian |date=2022-11-15 |title='Roboconomy' infiltrates GXO Logistics facilities |url=https://www.freightwaves.com/news/roboconomy-infiltrates-gxo-logistics-facilities |access-date=2023-09-27 |website=FreightWaves |language=en-US}} It is operational in the U.S. and Canada.{{Cite web |last=Banker |first=Steve |title=GXO Direct To Rely On Machine Learning To Drive Labor Efficiencies |url=https://www.forbes.com/sites/stevebanker/2023/05/12/gxo-direct-to-rely-on-machine-learning-to-drive-labor-efficiencies/ |access-date=2023-10-16 |website=Forbes |language=en}} In March 2023, GXO Direct was expanded in the U.K.{{Cite web |title=GXO extends shared warehousing model to U.K. {{!}} DC Velocity |url=https://www.dcvelocity.com/articles/57047-gxo-extends-shared-warehousing-model-to-uk |access-date=2023-09-27 |website=www.dcvelocity.com |language=en}}
See also
References
External links
- {{Official website}}
{{S&P 400 companies}}
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Category:Logistics companies of the United States
Category:Companies based in Greenwich, Connecticut
Category:Companies listed on the New York Stock Exchange
Category:American companies established in 2021