The Daily Dash is a quick look at what’s happening in the freight ecosystem. In today’s edition, we highlight the news of XPO’s planned spinoff, trucking interests discussing zero-emissions vehicles and more.
The High Five
1. XPO Logistics Inc. has introduced its planned spinoff, GXO Logistics Inc. XPO announced that it has filed a confidential initial Form 10 with the U.S. Securities and Exchange Commission for the stand-alone, with expectation for board approval in the second half of 2021. Grace Sharkey’s report: XPO announces logistics spinoff GXO
2. Trucking interests briefed lawmakers on the feasibility of getting to a zero-emissions vehicle world by 2050 — one of President Joe Biden’s climate goals — as Republicans reiterated their vow to keep climate change policy away from the next infrastructure package. John Gallagher from Washington: Trucking testifies on ‘range anxiety,’ other obstacles to zero-emission vehicles
3. Global freight forwarder AIT Worldwide Logistics announced an agreement to recapitalize with The Jordan Co., a middle-market financial firm with a background in transportation and logistics investments like Capstone Logistics and GlobalTranz Enterprises. Grace Sharkey with the story: Freight forwarder AIT Worldwide makes equity partner move
4. Four freight-related companies in Texas announced plans to eliminate a total of 358 jobs, according to recent Worker Adjustment and Retraining Notification Act notices. One of those is VT Industries, which is permanently closing its door manufacturing facility in San Antonio and laying off 104 workers. Noi Mahoney with more: 358 driver, manufacturing and distribution jobs cut in Texas
5. February data from Cass Information Systems shows the impact winter storms had on freight markets during the month. The shipments subindex increased 4.1% year-over-year, up 1.8% sequentially. The year-over-year growth rate for the month was less than half that recorded in January. Todd Maiden with additional details: February weather only temporary impediment to freight cycle