GXO Logistics explained

GXO Logistics, Inc.
Type:Public
Predecessor:XPO Logistics
Num Locations:974
Num Locations Year:2023
Num Employees:131,000
Num Employees Year:2023
Revenue Year:2023
Income Year:2023
Net Income Year:2023
Assets Year:2023
Equity Year:2023
Footnotes:[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

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, 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.[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] Reverse logistics are the movement of products from consumers back to retailers.[16] The acquisition was completed in October after final regulatory approval.[17] 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.[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.

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

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. In May 2023, GXO Direct announced that Blue Yonder was a new warehouse software partner.[33]

Operations

from XPO, Inc., GXO had approximately 94,000 employees and operated 869 warehouses with more than 208e6sqft of facility space across 27 countries. 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

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.[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

References

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

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