Target Acquires Transportation Tech Company, Grand Junction

By Tonya GarciaMarketsMarketWatch Pulse

Target Corp. said Monday that it is acquiring transportation technology company Grand Junction. The move is one more step in an effort to deliver packages to customers more quickly and efficiently, according to a statement from Target's chief supply chain and logistics officer Arthur Valdez. Grand Junction is based in San Francisco, and provides a platform to manage local deliveries through a network of 700 carriers. Grand Junction is currently working with Target on its same-day delivery pilot in New York City. Once the deal closes, Grand Junction employees will become Target staffers. Financial details about the acquisition were not disclosed. Target shares are up 1.1% in Monday trading, but down 23% for the year so far. The S&P 500 index is up 9.8% for 2017 to date.

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