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GENCO to buy ATC Technology

The $512.6 million deal would make ATC Technology a subsidiary of the reverse logistics company.

Mark Solomon
By Mark SolomonJul 18, 2010
Mark Solomon
Mark Solomon joined DC VELOCITY as senior editor in August 2008, and was promoted to his current position on January 1, 2015. He has spent more than 30 years in the transportation, logistics and supply chain management fields as a journalist and public relations professional. From 1989 to 1994, he worked in Washington as a reporter for the Journal of Commerce, covering the aviation and trucking industries, the Department of Transportation, Congress and the U.S. Supreme Court. Prior to that, he worked for Traffic World for seven years in a similar role. From 1994 to 2008, Mr. Solomon ran Media-Based Solutions, a public relations firm based in Atlanta. He graduated in 1978 with a B.A. in journalism from The American University in Washington, D.C.
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ATC Technology Corp., a leading contract and reverse logistics company, has agreed to be purchased by GENCO Distribution System, Inc., another contract and reverse logistics provider, for $512.6 million in cash, or $25 a share.

Following the acquisition, which is expected to close in the fourth quarter, ATC would no longer be a publicly held company and instead would become a wholly owned subsidiary of the privately held GENCO. The transaction is subject to standard regulatory approvals, and ATC is free to solicit competing offers until Aug. 17. The boards of both companies unanimously approved the agreement, ATC said in a statement. GENCO declined comment on the transaction.

"GENCO's broad geographic footprint and service offerings will enhance ATC's current offerings to both current and potential customers and create the potential for faster growth and greater customer diversification than exists today as a standalone business," Todd R. Peters, chairman and CEO of Downers Grove, Ill-based ATC, said in a statement.

Donald Rendulic, director, marketing and corporate communications for Pittsburgh-based GENCO, said that if the transaction is consummated, GENCO would benefit from ATC's logistics expertise in areas like hand-held devices, consumer electronics, and the automotive aftermarket, especially in the drive train category. ATC would also bring strengths in kitting, co-packing, and fulfillment that GENCO currently lacks, Rendulic said.

ArticleWarehousing 3PLSC Services
atc technologyaugust 2010genco
ArticleWarehousing 3PLSC Services
atc technologyaugust 2010genco

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