XPO Logistics, Inc has announced that it has divested its North American intermodal business to STG Logistics for cash proceeds of approximately $710 million.
The intermodal unit, which XPO has reported as part of its Brokerage and Other Services segment, generated $1.2 billion of revenue in 2021. The divested operations provide rail brokerage and drayage services; 48 locations and approximately 700 employees have transferred to the buyer in the transaction.
The sale to freight and warehousing provider STG Logistics Inc, brings Greenwich, CT based XPO closer to its goal of becoming a stand-alone provider of less-than-truckload services, in which shippers combine multiple loads on the same truck.
STG Logistics is a leading asset-light provider of optimized logistics and transportation services focused on the global supply chain. STG is a key partner for third party logistics providers. s