91��Ƶ

A GXO warehouse. (XPO Logistics)

[Stay on top of transportation news: .]

XPO Logistics Inc.’s completion of its spinoff of GXO Logistics Inc. as a publicly traded pure-play contract logistics provider culminated with GXO officials ringing the New York Stock Exchange opening bell Aug. 2.

GXO trades under the symbol GXO, and eligible XPO stockholders received GXO common stock.

Malcolm Wilson was named CEO of GXO on Jan. 12. Before that he led XPO Europe.

Congratulations to (NYSE: ) on its successful spin-off from today Welcome to our — NYSE (@NYSE)

“We have a powerful platform for future growth, including our culture of innovation, strong customer relationships, seasoned leaders and a world-class team,” Wilson said in a statement Aug. 2.

Wilson

GXO is expected to take advantage of e-commerce growth, logistics automation and supply chain outsourcing as a stand-alone company.

XPO will offer primarily less-than-truckload transportation and truck brokerage services. Its shares continue trading on the NYSE.

“XPO and GXO are moving forward with powerful momentum as independent public companies,” said Brad Jacobs, CEO of XPO. “I want to thank the many people whose work over the past eight months has made this initiative a reality. We’ve given both businesses a clear line of sight to unlocking their full potential.”

Jacobs, along with other executives, was on hand to ring the opening bell.

The separation was completed through a distribution to XPO stockholders of one share of GXO common stock for every on-the-record share of XPO common stock held as of the close of business on July 23. GXO shares were distributed Aug. 2.

“A lot of people have worked very hard to get to this point today,” Baris Oran, chief financial officer at GXO, told Transport Topics. “A lot of investor engagement, a lot of work on the capital markets side, separating out the systems.”

GXO chief investment officer Mark Manduca said GXO is going to be about solving customer problems and becoming a solutions provider — such as warehousing and supply chain management solutions.

“This is a phenomenal asset that we are creating here,” Manduca told TT. “It is a unicorn in terms of becoming a global, pure-play logistics leader in the warehouse and contract logistics space.”

We're proud to announce the successful spin-off and launch of GXO: the world's largest pure-play contract logistics provider. — GXO (@GXOLogistics)

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. “We have $2 billion worth of business pipeline and over 60% of that is e-commerce, technology and omnichannel.”

Manduca expects the surge in e-commerce will help the company grow rapidly.

“E-commerce is the backbone of what we do, it’s about 40% of our revenues,” Manduca said. “Think about e-commerce being only 20% penetrated. We can get 50, 60, 70% penetration in e-commerce.”

GXO executives ramped up efforts to engage investors and analysts during an investor day presentation July 13.

“We are getting positive market reaction,” Oran said. “Having said that it’s very difficult to make a judgment on a single day, and nobody has a crystal ball on the stock prices and share prices. But we see a tremendous opportunity for further growth.”

GXO said it launched with approximately 94,000 team members worldwide and more than 208 million square feet of warehouse space in 869 locations.

“In so many ways what’s wonderful about this spin is that you get all of the things and quality that Brad and XPO have created in the last decade,” Manduca said.

XPO also has appointed four board members to replace directors who resigned to join the GXO board. The new XPO board members are Jason Aiken, CFO of General Dynamics Corp., Mary Kissel, senior policy adviser with Stephens Inc., Allison Landry, a former senior transportation research analyst with Credit Suisse, and Johnny C. Taylor, CEO of the Society for Human Resources Management.

XPO Logistics ranks No. 2 on the Transport Topics Top 50 list of the largest logistics companies��in North America and No. 3 on the Transport Topics Top 100 list of the largest for-hire carriers.

Want more news? Listen to today's daily briefing below��or go here for more info:

��