XPO Logistics Inc. (NYSE: XPO) said Tuesday that it has chosen RXO for the name of the company it plans to spin off later this year.
Greenwich, Connecticut-based XPO plans to spin off its truck brokerage, final-mile and managed transportation businesses by the end of 2022. It is looking to sell its freight forwarding business, which was originally part of the spinoff. It also plans to either sell or publicly list its European operations.
When the spinoff, sales or listings are complete, XPO will be a pure-play North American LTL provider.
The new name was chosen to associate the letter R with the spinoff’s reputation for reliability, XPO said.
“Our spinoff now has a name — RXO — bringing it one step closer to becoming a stand-alone industry leader,” said XPO Chairman and CEO Brad Jacobs in the announcement. “Our best-in-class truck brokerage business will be the keystone of RXO’s asset-light platform, poised to continue to take share of a growing market.”