XPO Logistics Cuts Workforce

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XPO Logistics, Inc. (NYSE: XPO) has announced that approximately 160 non-sales positions have been eliminated as the company continues to migrate to a more efficient LTL organization.

Most of the reductions were in administrative, management and back office functions, and impacted less than 1% percent of the LTL workforce in North America. Another 30 positions were eliminated in other parts of the company, primarily to address redundancies created by the acquisition.

Collectively, the actions are expected to reduce annual costs by more than $20 million against a targeted operating profit improvement of $170 million to $210 million over two years.

XPO Logistics is the second largest LTL provider in North America and the leading LTL provider in Western Europe. The company’s LTL business in North America services 99% of U.S. postal codes, and offers more next-day and two-day lanes than any other carrier.

XPO Logistics has global transportation capacity of approximately 19,000 owned tractors and 46,000 owned trailers, with another 10,000 trucks contracted through independent owner-operators, and access to more than 50,000 independent carriers.

Category: General Update