FedEx Completes GENCO Acquisition
Memphis, Tenn., January 30, 2015 – FedEx Corp. (NYSE:FDX) announced today that it has completed the acquisition of GENCO Distribution System, Inc., one of the largest third-party logistics providers in North America. The acquisition, as previously announced on Dec. 15, 2014, will offer customers a more comprehensive portfolio of logistics services, complementing the unmatched transportation services already provided by FedEx.
“We are extremely pleased to welcome GENCO teammates to the FedEx family,” said Frederick W. Smith, Chairman and CEO of FedEx Corp. “We believe this acquisition demonstrates our commitment to our customers with enhanced supply chain and logistics offerings, which will also continue to drive growth. We look forward to starting the integration process.”
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, Chief Executive Officer. Financials will be reported through the FedEx Ground business segment.