December 15th, 2014 FedExCorp announced by way of press release plans to acquire Genco. If you’ve been under a rock, Genco is a third party logistics provider offering supply chain services to some of the country’s largest brand retailers. According to the press release, Genco processes more than 600 million customer returned items annually. From Genco’s At-A-Glance page, it’s reported that Genco is selling $5.2 Million worth of customer returns daily.
When we, those within the wholesale/retail industry, think of Genco we think of Genco Marketplace, which serves as a portal for buying wholesale pallet loads of customer returned items. Genco also offers additional services to the retail industry, including contract pack and re-packaging, warehouse and distribution services, transportation logistics, reverse logistics, damage research, and sustainability services.
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To me it seems like natural fit for FedEx to acquire Genco and I would be willing to bet you and I see no noticeable changes to the Genco Marketplace platform.
Laurie Barkman, CEO & President of Genco sent out an email to Genco subscribers this past week:
“Rest assured this news does not change our continued focus on helping you grow your business. We will continue to focus on delivering product variety, flow, and value to you. We’re excited to leverage FedEx’s breadth of partnerships with leading retailers and manufacturers and expand on this value.”
Again, $5.2 million worth of customer returns changing hands? Holly Cow…that’s a few truckloads! What are your thoughts on this merger?