Executives and board members from GXO Logistics rang the New York Stock Exchange’s (NYSE) Opening Bell today, marking its separation from parent company, XPO, and the start of its “regular way” trading on NYSE under the symbol “GXO.”
GXO is the former global logistics segment of XPO Logistics and successfully spun off today as the world’s largest pure-play contract logistics provider, company leaders said.
“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—the world’s largest pure-play logistics provider,” Malcolm Wilson, chief executive officer of GXO, said in a statement. “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.”
The distribution of GXO common stock was complete at 12:01 a.m. Eastern time today, with each XPO stockholder of record as of the close of business on July 23, 2021, receiving one share of GXO common stock for every share of XPO common stock.
“GXO will be the largest pure-play contract logistics provider in the world, with approximately 94,000 team members and 869 logistics facilities in 27 countries,” the company said in a statement Friday. “GXO will be well-positioned to capitalize on significant secular tailwinds driving customer demand, including e-commerce growth, logistics automation, and supply chain outsourcing.”