Stord Acquires Pitney Bowes Fulfillment Division
Kentucky Warehouse Also Part of Deal
New Acquisition Strengthens Stord's Logistics Network
Pitney Bowes, a shipping and mailing company, has announced the sale of its fulfillment division and a Kentucky warehouse to supply chain logistics company Stord. The move is part of Pitney Bowes' strategy to focus on its core business and explore new growth opportunities.
Stord, a provider of end-to-end supply chain solutions, acquired the fulfillment services operation of Pitney Bowes' e-commerce division. The acquisition will strengthen Stord's logistics network and expand its capabilities in providing efficient and cost-effective fulfillment services.
Pitney Bowes will consolidate its fulfillment business out of Greenwood, Indiana. The company has also announced the replacement of its CEO, Marc Lautenbach, who is leaving the board of directors. This move comes amid pressure from investors to improve the company's performance.
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