FedEx to buy reverse logistics company Genco

Dallas

FEDEX Corp has agreed to buy closely held reverse logistics firm Genco, a specialist in handling product returns, as e-commerce operations expand at the operator of the world's largest cargo airline.

No terms were given for the transaction. FedEx said on Monday that Pittsburgh-based Genco had annual sales of US$1.6 billion and more than 11,000 employees. Genco handles more than 600 million returned items a year, according to a FedEx statement that billed the company as a leader in "reverse logistics".