FedEx Completes Genco Acquisition

FedEx Completes Genco Acquisition
FedEx Corp. has completed its acquisition of Genco Distribution System Inc., which it described as one of the largest third-party logistics providers in North America. Terms of the acquisition, first announced in December, were not disclosed. FedEx said it will offer customers a more comprehensive portfolio of logistics services, complementing ...

FedEx Corp. has completed its acquisition of Genco Distribution System Inc., which it described as one of the largest third-party logistics providers in North America.

Terms of the acquisition, first announced in December, were not disclosed. FedEx said it will offer customers a more comprehensive portfolio of logistics services, complementing FedEx’s transportation services.

Pittsburgh-based Genco, whose services include warehousing and distribution, ranks No. 13 on the Transport Topics Logistics Top 50 list of North American logistics firms.

“We are extremely pleased to welcome Genco teammates to the FedEx family,” FedEx Chairman and CEO Frederick Smith said. “We believe this acquisition demonstrates our commitment to our customers with enhanced supply chain and logistics offerings, which will also continue to drive growth. We look forward to starting the integration process.”

Genco will operate as a subsidiary of FedEx Corp. and continue to be led by CEO Todd Peters. Its financials will be reported within the FedEx Ground business segment.

Source: ttnews.com