02:11:08 EDT Thu 16 May 2024
Enter Symbol
or Name
USA
CA



Amazon.com CDRs (CAD Hedged)
Symbol AMZN
Shares Issued 19,500,000
Close 2024-03-07 C$ 21.30
Market Cap C$ 415,350,000
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Globe says Torstar sells Amazon-like delivery service

2024-03-07 07:49 ET - In the News

The Globe and Mail reports in its Thursday edition that Ziing.com, a last-mile delivery provider focused on decarbonization, has bought Torstar Corp.'s package-delivery arm in a deal that doubles the Calgary-based company's size and expands its reach into Southern Ontario and Atlantic Canada. The Globe's Jeffrey Jones writes that Ziing announced the acquisition of Metroland Parcel Service on Thursday, saying it will add 41 employees and 30,000 package deliveries a week. Six-year-old Ziing employs an Uber-like service for deliveries based on a generative artificial intelligence platform, and the Metroland business will be integrated into it. The company did not disclose the value of the deal, but chief executive officer Chris Higham said Ziing is expected to generate $70-million in revenues this year -- twice last year's figure. With the acquisition, it now has 109 staff across the country, not including contract drivers. The company also designs zero-emission fleet systems, complete with charging infrastructure, though its Ziing Energy division. Mr. Higham said price point is key: "There's very low customization. It's your typical sort of Amazon model where it's just drop it and go and on to the next delivery."

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