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Updated: FedEx buys specialist firms
[ December 16, 2014 // Chris ]FedEx has signed an agreement to acquire GENCO, one of the largest third-party logistics providers in North America. Processing more than 600 million returned items annually from many of the world’s leading brands, GENCO is considered a pioneer and market leader in reverse logistics, providing triage, test and repair, remarketing and product liquidation solutions. It has $1.6 billion in annual revenue and more than 11,000 teammates at over 130 operations.
FedEx has also acquired Bongo International, which provides cross border enablement technologies and solutions for retailers and e-tailers. These include include duty and tax calculations; export compliance management; HS classification; currency conversions; international payment options inclusive of language translation; shopping cart management and fraud protection. It has a base of over 2,000 retailers in the UK, Europe, the UK and US.