XPO one of the largest providers of asset-based less-than-truckload (LTL) freight transportation shipping in North America, has successfully acquired 28 service centres from Yellow Corp. for $870 million. The acquisition, after Yellow's bankruptcy filing four months earlier, marks a significant expansion for XPO.
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Describing the purchase as a "once-in-a-generation" opportunity, XPO CEO Mario Harik highlighted the potential to enhance capacity, generate employment, and provide better service to customers. This move is anticipated to augment XPO's existing network by around 3,000 doors, adding to its current 17,000.
Yellow's bankruptcy, occurring after the company ceased operations, marked a significant event in U.S. trucking history. With over 30,000 employees and nearly a century of operation, Yellow's bankruptcy filing in early August was the largest in the industry's history.
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