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United Parcel Service, Inc. (UPS) - free report >>
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United Parcel Service, Inc. (UPS) - free report >>
Matson, Inc. (MATX) - free report >>
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UPS to Acquire Roadie to Cater to Same-Day Delivery Demand
United Parcel Service (UPS - Free Report) entered into an agreement to acquire Roadie, a platform offering local same-day delivery service to customers throughout the United States. The acquisition is aimed at meeting the increasing demand for speedy delivery services.
The transaction, expected to close in the fourth quarter of 2021, will help UPS cater to bulky and perishable shipments, which are presently not compatible with its network due to their inadequate packaging.
The Roadie technology platform is expected to boost as well as improve UPS’ existing small package capabilities.
United Parcel Service, Inc. Price
United Parcel Service, Inc. price | United Parcel Service, Inc. Quote
Upon completion of the acquisition, Roadie will operate under the same name. UPS said that goods transported by Roadie will not cross into the UPS network, while packages transported by UPS will not cross into the Roadie network.
UPS, which is gaining from higher package delivery demand, recently announced that it expects to hire more than 100,000 seasonal employees to meet the anticipated surge in package volumes during the peak holiday season, which runs from October 2021 through January 2022. The company said that it is “filling full- and part-time seasonal positions – primarily package handlers, drivers, driver helpers and personal vehicle drivers – by offering competitive wages across multiple shifts in hundreds of locations across the country.”
Zacks Rank & Key Picks
UPS carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Matson (MATX - Free Report) , ArcBest Corporation (ARCB - Free Report) and Landstar System (LSTR - Free Report) . While Matson and ArcBest sport a Zacks Rank #1 (Strong Buy), Landstar carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Matson, ArcBest and Landstar have rallied more than 52%, 58% and 20% so far this year, respectively.