Did XPO get bought out?

announced March 25 it has sold its North American intermodal business to STG Logistics, a Chicago-based provider of import-export and value-added warehouse logistics services, for a cash price of $710 million.

Who bought XPO?

STG Logistics has acquired XPO Logistics' intermodal division for $710 million, the companies announced Friday, advancing XPO's spin-off plans revealed earlier this month. Approximately 700 employees and 48 locations have been transferred to STG in the transaction, according to an XPO news release.

Did XPO go out of business?

XPO Logistics announced after the closing bell Tuesday it will become solely a trucking company, spinning off its high-tech truck brokerage business into a separate publicly traded firm.

What company did XPO spin-off?

The company's announcement comes in after the spin-off of GXO Logistics (Logistics business), which was completed on August 3, 2021. The pricing of the new shares and the number of shares XPO shareholders would receive are yet to be decided.

Did XPO change to GXO?

GXO is the former global logistics segment of XPO Logistics (NYSE: XPO) and successfully spun off today as the world's largest pure-play contract logistics provider. “This is an exciting milestone in GXO's history.

The Reason I Resigned From XPO Logistics...

Are XPO and GXO the same company?

XPO Logistics has completed its spin-off of GXO Logistics, creating two independent public companies. GXO Logistics today marked the occasion by ringing the opening bell on the New York Stock Exchange.

Did XPO Logistics split?

XPO announced in December 2020 that it was splitting its logistics and trucking businesses into separately traded firms, aimed at giving each unit a more defined focus; that move was completed in August.

Is XPO Logistics for sale?

XPO Logistics Considers Sale of Freight-Forwarding Unit

XPO Logistics Inc. is considering a sale of its freight-forwarding unit as it continues to pursue divestitures, according to people with knowledge of the matter.

Are trucking companies going out of business?

According to Broughton Capital, 640 trucking companies in the United States went bankrupt – in the first six months of 2019. While this number seems high, what is shocking is that it's nearly three times the amount of trucking-specific bankruptcy filings during the entire 2018 calendar year.

Did XPO change its name?

(NYSE: XPO), a leading global provider of supply chain solutions, today announced the identity of the new company that has been created in connection with the planned spin-off of XPO's logistics business. The company is named GXO Logistics, Inc.

Who's buying XPO intermodal?

STG Logistics has acquired XPO Logistics' intermodal division, the third-largest provider of containerized transportation services in North America, in an all-cash transaction totaling approximately $710 million.

What trucking company shuts down?

Nearly, 2,100 employees will be laid off right before Christmas. Central Freight Lines is the largest trucking company to close since Celadon ceased operations in 2019.

What big trucking company just went out of business?

Central Freight Lines is shutting down even as the pandemic has fueled robust demand in freight markets.

Why did XPO spin off GXO?

The spinoff will allow management to implement an optimal capital structure, and establish an investment identity and allocation strategy, the company has said. “We have such a great secular and high-growth business that benefits from all tailwinds of e-commerce, automation and outsourcing,” Oran said.

What did XPO sell?

XPO's intermodal business generated $1.2 billion of revenue in 2021. XPO Logistics Inc. has sold its North American intermodal business to STG Logistics Inc. for approximately $710 million, continuing to streamline the XPO business while making STG an integrated containerized logistics company.

Is XPO Logistics a good company?

92% of employees would recommend working at XPO Logistics with the overall rating of 3.9 out of 5. Employees also rated XPO Logistics 3.5 out of 5 for Company Culture, 3.9 for Rewards You Receive, 3.4 for Growth Opportunities and 3.6 for support you get.

Is XPO Logistics in trouble?

Xpo Logistics is currently under evaluation in probability of bankruptcy category among related companies.

What's the difference between XPO and GXO?

XPO is a leading provider of freight transportation services, primarily less-than-truckload transportation and truck brokerage services, and GXO is the largest pure-play contract logistics provider in the world.

Who bought Central Freight?

On November 23, Roadway Services, Inc. and Central reach an agreement in principle for Central to be purchased by Roadway. Central receives 48-state interstate operating authority and expands into Oklahoma.

Why is Central Freight closing?

At the height of an unprecedented trucking boom, with spot prices and LTL rates at record levels, Central Freight Lines said it would shutter operations and be done with almost all of its freight pickups by Dec. 13. One of the main reasons was debt, according to the company president, and an inability to pay it down.

How many trucking companies have went out of business in 2020?

The COVID-19 pandemic forced more than 3,000 trucking companies out of business in 2020 — a significant leap from about 1,000 the year prior — as the early months of the global health crisis proved too difficult for some in the industry to withstand.

What companies does XPO own?

Brad Jacobs has started five companies from scratch and led each of them to become a billion dollar or multi-billion-dollar enterprise. These include three publicly traded companies: XPO Logistics, Inc. (NYSE: XPO), United Rentals, Inc. (NYSE: URI) and United Waste Systems, Inc.

Does XPO own trucks?

The former Norbert Dentressangle, already rebranded as XPO Logistics, owns 7,700 trucks in Europe and leases another 3,200. Con-way's trucking operations boast a combined 12,100 tractors and 33,300 trailers, according to the Ann Arbor, Michigan, company's latest annual report.