FedEx has announced that it will acquire GENCO, one of the nation’s largest third-party logistics providers, and one that specializes in processing product returns. FedEx indicated the acquisition would expand its services in the retail and e-commerce markets.
The Pittsburgh-based GENCO is considered a pioneer in reverse logistics and provides leading companies with triage, test and repair, re-marketing, and product liquidation solutions for returned products. Last year the company’s 130 operations processed more than 600 million returned items.
“As e-commerce continues to grow, customers of both companies will reap the benefits from the broadened capabilities and powerful new services,” said FedEx Chairman and CEO Frederick W. Smith in a statement.
GENCO will continue to operate independently and will remain under the direction of current CEO Todd R. Peters.
