GENCO Receives Logistic Quarterly's Best Third-party Logistics (3PL) Sustainability Award for Groundbreaking Vested Outsourcing Project with Major Computer Manufacturing Customer Project achieved 50 percent reduction in scrap, 40 percent reduction in transformation costs, and a major reduction in on-hand inventory dollars
PITTSBURGH, Nov. 6, 2013 /PRNewswire/ -- GENCO, the leader in delivering Product Lifecycle Logisticssm solutions, announced today that it has been awarded Logistics Quarterly's Best 3PL Sustainability Award jointly with its customer, a major computer manufacturer, for their innovative Vested Outsourcing project and the value it created. This year's field of participants included 50 leading North American 3PL providers. Winners were announced at the 2013 LQ Symposium in Toronto, Canada.
In order to reach the mutual objectives of both companies, GENCO and its customer utilized a Vested Outsourcing approach that resulted in improved service, cost efficiencies and sustainability achievements, including:
- A 50 percent reduction of manufacturing scrap
- A 40 percent reduction in transformation costs to the customer
- Improved packaging solutions by eliminating foam packaging and standardizing boxing
- Improved efficiencies of operations
- Improved quality of secondary products
- Improved cycle time from receipt to sellable state
- Improved recovery revenue for returned assets.
"We are extremely pleased to jointly receive this sustainability award along with our customer. This award exemplifies our commitment, as a company, to sustainable business practices, which is an integral part of our corporate culture," said Todd R. Peters, GENCO's CEO and vice chairman. "This demonstrates our teammates' continuous focus on employing sustainable practices that make good financial sense and help our customers make a lasting and positive impact on the environment."
In addition to winning this year's Best 3PL Sustainability Award, GENCO was also recognized as one of two other finalists for its Lean-driven sustainability initiative. GENCO has been a finalist in the Logistics Quarterly Awards program for three consecutive years.
GENCO is the recognized leader in product lifecycle and reverse logistics solutions designed to maximize value and reduce costs. GENCO operates 140 value-added warehouse locations comprising 36 million square feet and manages $1.5 billion in freight annually throughout North America. GENCO diverse range of customers includes many Fortune 500 companies in the technology, consumer and industrial, retail and healthcare markets and the federal government. GENCO's complete range of product lifecycle services include inbound logistics; warehousing & distribution; fulfillment; contract packaging; transportation management; systems integration; returns processing & disposition; test, repair, refurbishment; product liquidation; and recycling. For more information, visit www.genco.com.