GENCO Supply Chain Solutions (GENCO), a third-party logistics provider (3PL), has completed its merger with ATC Technology Corp. (ATC), a provider of engineered solutions for logistics and refurbishment services. The all-cash transaction is valued at $512 million.
The newly combined company will be privately owned and rebranded under the name GENCO ATC. ATC Logistics & Electronics and ATC Drivetrain will become new divisions within GENCO ATC. GENCO ATC will have estimated annual revenue of $1.5 billion, approximately 10,000 teammates and grow to 120 operations, adding Fort Worth and Carrolton, TX, Oklahoma City, OK, Memphis, TN, and Matamoros, Mexico.
Through the merger, GENCO has diversified into the wireless, consumer electronics/information technology and vehicle service parts markets, notes Herb Shear, chairman, president and CEO of GENCO ATC.
For the new company, solution enhancements will be realized in transportation management; test and repair; remanufacturing; high velocity serialized fulfillment, co-packing, kitting; warehouse management systems; and product remarketing.
Under the terms of the merger agreement, ATC stockholders will receive $25.00 per share in cash. With the closing of the transaction, trading in ATC common stock has been halted.
