FedEx to buy product-return firm Genco in e-commerce push

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One of logistics companies that has pioneered reverse logistics and customer returns processes for ecommerce retail sector is to be acquired by FedEx in what analysts estimated was a $2bn deal. US firm Genco is estimated to have annual revenues of $1.6bn and ebitda of just over $200m per year, and FedEx said it would keep the existing management team in place – no bad move for a company that claims it handles the returns logistics for seven of the top 10 US retailers.