FedEx to Buy Logistics Company Genco -- Update

   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.

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