MEMPHIS — FedEx Freight began trading as an independent company on Monday after being spun off from FedEx. The company’s common stock started 'regular way' trading on the New York Stock Exchange under the ticker symbol 'FDXF.'

FedEx Freight is the largest less-than-truckload (LTL) carrier in North America. Less-than-truckload shipping combines shipments from multiple customers onto the same truck, allowing businesses to move freight more efficiently than paying for an entire trailer.

As a standalone company, FedEx Freight plans to invest heavily in customer-facing technology, expand its dedicated sales force, and improve profitability. The company has outlined a goal of reaching a 15% operating margin by 2029, up from roughly 12% today. While operating inside FedEx, FedEx Freight generated roughly $9 billion in revenue compared with FedEx's $90 billion.

FedEx Freight CEO John Smith said the business often took a backseat while operating inside the larger transportation giant. "The things that we are going to be able to control now, especially from a capital and investment perspective, be able to put dollars into the LTL company that are LTL specific. That's going to help us leapfrog the competitors," Smith said.

"All those things are going to level the playing field and also allow us to leapfrog. We've been working on those very hard for the year," he said.

"We move forward as an independent company with a sharpened focus and disciplined strategy to build on our competitive advantages and accelerate profitable growth," Smith said.

"As the largest pure-play LTL carrier in North America, we will leverage our comprehensive network with more than 26,000 service center doors to deliver cost and service advantages to our customers and capitalize on growth opportunities in high-potential verticals," he said.

Smith expressed confidence in the company’s ability to grow even in a soft economy, citing opportunities to gain market share and improve margins simultaneously. "With our strategy, we feel like that we can grow in a down economy. That's why we feel good about our short, medium, and long-term strategy," he said.

Shareholders received one share of FedEx Freight for every two shares of FedEx they owned. FedEx will continue to trade under the symbol 'FDX.'

No independent assessment of FedEx Freight’s claims was available.