FedEx Acquires GENCO Liquidation Marketplace
Delivery giant FedEx has acquired GENCO, whose services include the popular GENCO Marketplace for buying liquidated inventory.
FedEx CEO Frederick W. Smith said, "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."
GENCO is one of the largest logistics firms in North America and processes more than 600 million returned items annually. It operates 130 warehouses, has $1.6 billion in annual revenue and over 11,000 employees.
The acquisition is subject to regulatory approval.