MEMPHIS (dpa-AFX) - FedEx Corp. (FDX) Monday said it agreed to buy GENCO, one of the largest third-party logistics providers in 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 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,' said Frederick W. Smith, Chairman and CEO of FedEx Corp. 'As e-commerce 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.
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