JONES LODGES, Ill.
(Reuters) JD Logging Industries, the logistics industry’s largest logistics firm, says it’s raising $500 million to become the largest logistics company in the United States by revenue.
The company said in a statement on Tuesday that it’s seeking to expand to 20 million employees by 2021.
JD Loggers also said that it has signed an agreement with General Electric Co. to sell off its fleet of diesel-powered trucks, which is expected to generate nearly $2 billion in annual sales.
The deal was announced by JD Logs CEO and chairman Jim O’Neill, who said JD Logges would also be acquiring a fleet of large passenger trucks.
The deal would mean JD Loggs fleet would be the largest in the U.S. and second largest after General Motors Co. JD, which was founded in 1977 and has more than 60,000 employees, is the largest provider of logistics to the auto industry.
“This deal will give us the ability to expand into a much larger market that we have not previously done in the past,” O’Neil said in the statement.
JD Loggers employs about 300 people, most of them in Illinois, according to the company’s website.
In the last 10 years, JD Logger’s revenues have grown more than 600% to $1.9 billion.
The company is expected spend about $4.8 billion on its expansion, and the sale of trucks would help offset its spending on other assets.
JD is also looking to expand its business to areas that are currently underserved.
JD said it has also been investing in its logistics business, adding new logistics specialists and hiring additional engineers to help the company reach new markets.
This is a developing story.
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