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GXO Logistics

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GXO Logistics, Inc.
Company typePublic
PredecessorXPO Logistics
FoundedAugust 2, 2021; 3 years ago (2021-08-02)
HeadquartersGreenwich, Connecticut, U.S.
Number of locations
974 (2023)
Key people
RevenueIncrease US$9.78 billion (2023)
Increase US$318 million (2023)
Increase US$233 million (2023)
Total assetsIncrease US$9.51 billion (2023)
Total equityIncrease US$2.95 billion (2023)
Number of employees
131,000 (2023)
Websitegxo.com
Footnotes / references
[1][2]

GXO Logistics, Inc. is an American global contract logistics[3] company that manages outsourced supply chains and warehousing, and reverse logistics for blue-chip customers in over thirty countries.[4][5][6] GXO's corporate headquarters are located in Greenwich, Connecticut, U.S.[7] Its customers include Apple, Nike Inc., Boeing Co., Verizon, Whirlpool, and Nestle SA.[8][9]

History

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In December 2020, XPO, Inc. announced that it would spin off its global contract logistics segment into a separate company.[10] In March 2021, XPO announced the new name of the firm as GXO Logistics Inc.[11] The spin-off was completed on August 2, 2021,[3] with American businessman Brad Jacobs named as Non-Executive Chairman, Malcolm Wilson as CEO; formerly the CEO of XPO, Inc. European division,[3] and Baris Oran as CFO.[12]

In May 2022, GXO announced the acquisition of the U.K.-based retail logistics company, Clipper Logistics.[13][14] Clipper distributes goods for Marks & Spencer and Morrisons, and has expertise in life sciences, reverse logistics, and repairs.[15][16] Reverse logistics are the movement of products from consumers back to retailers.[17] The acquisition was completed in October after final regulatory approval.[16] 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.[16]

That same month, as part of its European expansion, GXO also opened 30 shared warehouse facilities in the U.K.[18] In May 2022, the company was named to the Fortune 500.[19] At the end of the fourth quarter, it reported that e-commerce revenue had risen 31% and reverse logistics revenue 19%.[20] By October 2022, GXO had opened 90 sites, signed 450 new customer contracts, and hired 15,000 people.[19]

In April 2023, GXO announced a partnership with Sainsbury, the U.K. supermarket chain,  to manage fresh and frozen shipments at several warehouse sites.[21] 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.[22] Also in June, GXO also announced a multiyear expansion program in Germany.[23]

The company had around 1000 warehouses in June 2023.[24] In July 2023, GXO announced that Adrian Stoch was appointed to the new executive position of chief automation officer.[25][26]

In October 2023, GXO acquired U.S.-based PFSweb, Inc., a tech-enabled eCommerce order fulfillment platform to expand its presence in North America.[27][28][29]

In March 2024, GXO's takeover offer of Wincanton PLC worth £762 million was backed by its board of directors.[30] The transaction was approved by the court on 25 April 2024, so allowing the take-over to be completed.[31]

Technology

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By the end of 2022, the company had approximately 7,600 pieces of technology operational in customer sites.[32] This included collaborative robots, vision scanners, automated guided vehicles (AGVs) and goods-to-person robots.[32] In May 2023, GXO Direct announced that Blue Yonder was a new warehouse software partner.[33]

Operations

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Following the split in August 2021 from XPO, Inc., GXO had approximately 94,000 employees and operated 869 warehouses with more than 208 million sq ft (19.3 million m2) of facility space across 27 countries.[3] GXO's contract logistics customers operate in technology[34] and infrastructure.[35] In 2023, GXO was the world’s largest contract logistics provider.[36]

GXO Direct

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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.[33] GXO Direct allows multiple customers to utilize one warehouse.[37] It is operational in the U.S. and Canada.[38] In March 2023, GXO Direct was expanded in the U.K.[39]

See also

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References

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  1. ^ "GXO Logistics, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 15, 2024.
  2. ^ "GXO Investor Presentation January 2023". GXO, Inc. Retrieved 12 January 2023.
  3. ^ a b c d "XPO Logistics Completes Spin Off of GXO Logistics". supplychaindigital.com. 2021-08-02. Retrieved 2023-04-09.
  4. ^ "XPO Investor Presentation July 2021". xpo.com. July 28, 2021. Retrieved August 2, 2021.
  5. ^ Hill, David (January 13, 2023). "MONEY FROM MOVING: Geography, infrastructure, megatrends drive growth in Triad's logistics industry". www.bizjournals.com. Retrieved 2023-06-17.
  6. ^ "GXO Logistics to Hire 4,000 for Holiday Season Across US". Transport Topics. 2022-10-17. Retrieved 2023-11-29.
  7. ^ "GXO Logistics, Inc". SEC.gov. June 9, 2021. Retrieved August 2, 2021.
  8. ^ Thomas, Rhys (2021-08-02). "XPO Logistics Completes Spin Off of GXO Logistics". supplychaindigital.com. Retrieved 2023-10-06.
  9. ^ "Robots Are Key to Winning the Productivity War". Bloomberg.com. 2022-08-19. Retrieved 2023-10-06.
  10. ^ Berman, Jeff. "Spin-off of GXO Logistics from XPO Logistics is a done deal". Logistics Management. Retrieved 2023-04-09.[permanent dead link]
  11. ^ Sharkey, Grace (18 March 2021). "XPO Announces Logistics Spinoff GXO". Freightwaves. Retrieved 19 March 2021.
  12. ^ Warfield, Andy (August 3, 2021). "GXO chief financial officer: Triad a strategic location for firm's North American growth". www.bizjournals.com. Retrieved 2023-06-01.
  13. ^ "GXO completes Clipper Logistics acquisition following court approval | Financial News". www.lse.co.uk. Retrieved 2022-05-24.
  14. ^ "GXO eyes improved 'returns' as Clipper buy can boost reverse logistics offering". Loadstar. 9 November 2022. Retrieved 12 November 2022.
  15. ^ Crowley, Amy-Jo (2023-01-20). "GXO CEO sees large M&A opportunities in Canada". Reuters. Retrieved 2023-10-10.
  16. ^ a b c Straight, Brian (2022-10-04). "UK authorities clear GXO's $1.3B acquisition of Clipper Logistics". FreightWaves. Retrieved 2023-09-18.
  17. ^ Staff, TipRanks com (2022-10-02). "Top Wall Street analysts name the best stocks to ride a market downcycle". CNBC. Retrieved 2023-10-10.
  18. ^ Daleo, Jack (2023-03-28). "GXO Direct launches in UK with plans for future European expansion". FreightWaves. Retrieved 2023-04-03.
  19. ^ a b Straight, Brian (2022-08-09). "GXO Logistics continues to write new chapters in its evolving story". FreightWaves. Retrieved 2023-10-03.
  20. ^ Solomon, Mark (2023-02-15). "GXO cautiously confident about '23 after beating bottom line in Q4". FreightWaves. Retrieved 2023-10-30.
  21. ^ Solomon, Mark (2023-04-12). "GXO big winner in Sainsbury's logistics overhaul". FreightWaves. Retrieved 2023-08-29.
  22. ^ Kumaresan, Shivani. "GXO Logistics Partners With European Fashion Platform Zalando For Fulfillment Center Operation - GXO Logistics (NYSE:GXO)". Benzinga. Retrieved 2023-08-31.
  23. ^ "GXO Launches Multiyear Expansion in Germany". Transport Topics. 2023-06-12. Retrieved 2023-09-21.
  24. ^ Solomon, Mark (2023-06-08). "GXO plans multiyear expansion in Germany". FreightWaves. Retrieved 2023-11-17.
  25. ^ Solomon, Mark (2023-07-25). "GXO names chief automation officer". FreightWaves. Retrieved 2023-09-06.
  26. ^ "GXO creates C-level role to lead its automation efforts | DC Velocity". www.dcvelocity.com. Retrieved 2023-09-06.
  27. ^ Solomon, Mark (2023-09-14). "GXO acquires luxury goods fulfillment provider PFSweb". FreightWaves. Retrieved 2023-09-20.
  28. ^ "Irving e-commerce provider PFSweb sold for $181 million to GXO Logistics". Dallas News. 2023-09-14. Retrieved 2023-09-21.
  29. ^ Solomon, Mark (2023-09-14). "GXO acquires luxury goods fulfillment provider PFSweb". FreightWaves. Retrieved 2023-11-10.
  30. ^ Kollewe, Julia (2024-03-01). "Wincanton backs £762m takeover offer from US group GXO". The Guardian. ISSN 0261-3077. Retrieved 2024-04-30.
  31. ^ "Court Sanction of Scheme of Arrangement | Shares Magazine". www.sharesmagazine.co.uk. Retrieved 2024-04-30.
  32. ^ a b Events, UKi Media & (2022-12-07). "GXO grows North America and Europe technology deployment by more than 50% in 2022". Parcel and Postal Technology International. Retrieved 2023-07-27.
  33. ^ a b "Machine Learning Archives". Logistics Viewpoints. Retrieved 2023-09-06.
  34. ^ "Promethean en XPO Logistics breiden contract uit • TTM.nl". TTM.nl (in Dutch). 2017-08-02. Retrieved 2017-10-22.
  35. ^ "XPO Logistics wins Highways England contract renewal". CILT(UK). Retrieved 2017-10-22.
  36. ^ Crowley, Amy-Jo (2023-01-20). "GXO CEO sees large M&A opportunities in Canada". Reuters. Retrieved 2023-06-08.
  37. ^ Straight, Brian (2022-11-15). "'Roboconomy' infiltrates GXO Logistics facilities". FreightWaves. Retrieved 2023-09-27.
  38. ^ Banker, Steve. "GXO Direct To Rely On Machine Learning To Drive Labor Efficiencies". Forbes. Retrieved 2023-10-16.
  39. ^ "GXO extends shared warehousing model to U.K. | DC Velocity". www.dcvelocity.com. Retrieved 2023-09-27.
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