By Josh Beckerman
FedEx Corp. (FDX) has agreed to buy logistics provider Genco,
which has revenue of about $1.6 billion.
Pittsburgh-based Genco, with more than 130 warehouse locations,
has customers in technology, consumer, industrial, retail and
health-care markets.
Its services include contract packaging, processing returned
items, warehousing, transportation services and inventory
liquidation.
The sale price wasn't disclosed.
FedEx, with revenue of $45.6 billion for the year that ended in
May, said the deal will expand its services in retail and
e-commerce markets.
Genco traces its roots to a business that made deliveries with a
horse and wagon starting in 1898. In 2010, Genco Supply Chain
Solutions bought ATC Technology Corp. for about $512.6 million and
the company received an investment from private-equity firm
Greenbriar Equity Group LLC.
Todd R. Peters will remain chief executive of Genco.
FedEx has seen its revenue grow recently as a restructuring that
began in 2012 has started to pay off. In its latest quarter, the
package-delivery giant beat Wall Street's expectations for earnings
and revenue, driven by strength in ground, freight and express
operations.
Write to Josh Beckerman at josh.beckerman@wsj.com
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