According to a report from the Wall Street Journal, XPO Logistics is closing 7 trucking terminals that were formerly part of the Con-way network.
XPO Logistics declined to say where the terminals were located, but did say that they were in “remote areas” and that the company would not have to exit out of its current markets because of the closings.
Officials at XPO say that the move to close the terminals is all about increasing the company’s efficiency: “We’re continuing to migrate to a more efficient LTL organization, with better network efficiency and greater utilization of our capacity.”
The announcement comes only days after XPO cut 190 jobs in order to save the company nearly $20 million per year.
Shares in XPO were up 11% today.
XPO purchased Con-way for $3 billion in September 2015.
Sources:
The Wall Street Journal
Commercial Carrier Journal