An eastern Iowa trucking company has announced a $525 million transaction that will make it the nation’s eighth largest trucking fleet.
Heartland Express is based in North Liberty. Contract Freighters Incorporated (CFI) is based in Joplin, Missouri. Heartland Express is acquiring CFI’s logistics unit in Mexico as well as CFI’s truckload unit.
CFI has facilities in Missouri, Michigan, Arkansas, Texas, Florida and Mexico. The addition of those six locations will give Heartland Express ownership of 30 terminals in the U.S. and Mexico.
After the acquisition is complete, Heartland will have 5500 semi tractors and nearly 18,000 trailers in its fleet. However, CFI vehicles and terminals will continue to operate under the CFI brand and executive management.
Heartland Express began in 1955 as a hauler of Whirlpool washing machines. According to a news release from the company, adding CFI to its roster of companies means Heartland Express will have total assets of nearly $2 billion and will generate an estimated $1.3 billion in annual revenue.