FedEx Corp. has signed an agreement to acquire Genco, one of the largest third-party logistics providers in North America best known for its proficiency in reverse logistics. Genco’s expertise will expand existing FedEx service offerings in the evolving retail and e-commerce markets. Financial terms of the acquisition were not disclosed.
Processing more than 600 million returned items annually, Genco provides triage, test and repair, remarketing and product liquidation solutions. With $1.6 billion in annual revenue and more than 11,000 teammates at over 130 operations, Genco offers various product lifecycle logistics services to customers in the technology, consumer, industrial, retail and healthcare markets.
“The acquisition of Genco will transform our global portfolio through the addition of new best in class supply chain management services,” says Frederick W. Smith, chairman and CEO of FedEx Corp.
Todd Peters will continue as Genco CEO, and Genco will continue to operate as an independent company until the transaction is completed. Genco currently operates over 130 warehouses, representing 38 million square feet throughout North America.