GXO Logistics Inc (NYSE: GXO) said on Tuesday that it had formed a new strategic partnership with Forum Sport, a leader in the distribution of sports equipment.
GXO will ensure B2B and B2C order preparation and distribution, returns and other value-added activities from two warehouses – in Vitoria and Basauri, North of Spain.
The company’s expertise in automated systems, including the Automated Storage and Retrieval System, is to ensure efficient and accurate warehouse management.
“This agreement strengthens our presence in the North of Spain while enabling us to demonstrate our technological and operational capabilities managing highly automated warehouses as well as our industry leadership in the sports equipment sector,” Rui Marques, GXO’s Managing Director in Spain and Portugal, said in a press release.
“This agreement not only represents a significant step in improving our supply chain, but also reinforces our commitment to excellence and customer satisfaction. GXO is an ideal partner for us due to their use of technology in their processes and expertise in logistics management. We firmly believe that this alliance will allow us to optimize our operations and focus on delivering high quality sporting goods to our customers, while relying on a trusted partner to manage our logistics operations with efficiency and precision,” Diego Llorente Gómez, CEO of Forum Sport, commented.
Stock Performance
The shares of GXO Logistics Inc (GXO) closed 2.61% ($1.36) lower at $50.71 in New York on Tuesday, as they extended the loss from the previous market session.
The company’s total market cap now stands at $6.058 billion.
The shares of GXO Logistics Inc (GXO) went up 43.26% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have retreated 17.09% so far this year.
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