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Slide #8. Heartland Express, Inc. — Gordon Trucking, Inc.
Heartland Express, Inc. (NASDAQ:HTLD)
Gordon Trucking, Inc.
The Board of Directors of Heartland Express, Inc. ("Heartland") (Nasdaq:HTLD) is pleased to announce today that it has acquired 100% of the stock of Gordon Trucking, Inc. of Pacific, Washington ("GTI") and certain associated assets in transactions valued at approximately $300 million. With combined total revenue of approximately $1 billion and a terminal network spanning from Washington to Florida and from Pennsylvania to Southern California, Heartland estimates the combined companies will operate the fifth largest asset-based truckload fleet in North America. Steve and Scott Gordon have joined Heartland's management team. Larry and Virginia Gordon will retire after 50 years of building GTI, and Larry Gordon has joined Heartland's Board of Directors. The transactions are expected to be immediately accretive to Heartland's earnings per share, excluding transaction-related expenses.
Heartland Express is a holding company. Through its subsidiaries, Co. is engaged as a short-to-medium haul truckload carrier. Co. primarily provides asset-based dry van truckload service for primary shippers from Washington to Florida and New England to California. Co. also provides temperature-controlled truckload services, which are not significant to its operations. Co. operates terminal facilities throughout the contiguous U.S. in addition to its terminal and corporate headquarters in North Liberty, IA.
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Hold (2.12 out of 4)