FedEx Corp. announced on Friday it completed the acquisition of Genco Distribution System Inc., one of the largest third-party logistics providers in North America.
The acquisition, announced on Dec. 15, will offer customers a more comprehensive portfolio of logistics services, according to FedEx. Terms of the deal have not been released but Genco reportedly has annual revenues of more than $1.5 billion.
We believe this acquisition demonstrates our commitment to our customers with enhanced supply chain and logistics offerings, which will also continue to drive growth,” said said Frederick W. Smith, chairman and CEO of FedEx Corp.
With the completion of this acquisition, Genco will now operate as a subsidiary of FedEx Corp. and will continue to be led by Todd R. Peters, CEO.
Financials will be reported through the FedEx Ground business segment.