XPO Logistics announced that it is exploring selling or spinning off parts of its business.
XPO's stock has performed well recently, rising more than 45% since the beginning of 2019, but CEO Bradley Jacobs said in a press release that the company is undervalued.
"We continue to trade at well below the sum of our parts and at a significant discount to our pure-play peers. That's why we believe the best way to continue to maximize shareholder value is to explore our options, while remaining intensely committed to the satisfaction of our customers and employees," Jacobs said.
XPO generates the majority of its revenue through its transportation units, while 35% of sales come from the logistics unit, according to a. The company said it does not plan on selling its North American less-than-truckload transportation unit. There is not a timetable for the review, and one or more business units could be sold or spun off, the company said.
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