FedEx signed an agreement to acquire GENCO, one of the largest third-party logistics providers in North America. GENCO processes more than 600 million returned items annually from many of the world’s leading brands.
Online sellers may be familiar with GENCO Marketplace as platform on which to source inventory to resell.
GENCO operates over 130 warehouse locations comprising 38 million square feet throughout North America. With $1.6 billion in annual revenue and more than 11,000 “teammates” at over 130 operations, GENCO offers a complete range of product lifecycle logistics services including inbound logistics; warehousing & distribution; fulfillment; contract packaging; managed transportation; systems integration; returns processing & disposition; test, repair, refurbishment; product liquidation; and recycling.
FedEx CEO Frederick W. Smith said in a press statement, “The acquisition of GENCO will transform our global portfolio through the addition of new best in class supply chain management services. As ecommerce continues to grow, customers of both companies will reap the benefits from the broadened capabilities and powerful new services.”
The transaction is subject to customary closing conditions, including compliance with U.S. and Canadian antitrust law requirements. GENCO will continue to operate as an independent company until the transaction is closed in the new calendar year.