Heartland Express buys Washington company for $113 million
It's the second West Coast acquisition since 2013
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Heartland Express has acquired a Tacoma, Wash.-based trucking company in a $113 million deal.
North Liberty-based Heartland purchased Interstate Distributor Co. earlier this month, bolstering Heartland’s fleet by an additional 1,570 tractors and 4,700 trailers.
“We are excited to add IDC’s high-quality drivers, experienced personnel and strong customer base to Heartland’s operations ... . Heartland will gain significant additional traffic density in the West, and our stronger eastern network will improve service for IDC’s customers in the East,” said Michael Gerdin, Heartland’s CEO, president and chairman, in a statement.
The deal also means Heartland now has about 5,000 employees, a spokeswoman said in an email. No layoffs are expected currently due to the combination, she said.
Heartland said it will merge IDC’s operations into Heartland during the next year and a half. Overlap regions, Heartland said, do not include Iowa, but do involve facilities in the Seattle-Tacoma area, Oregon, southern California, Phoenix and Nashville.
The acquisition of IDC is the second time since 2013 Heartland has purchased a company based on the West Coast. In 2013, Heartland bought Gordon Trucking of Pacific, Wash., for $300 million.
Heartland, a publicly traded company, had about 3,600 employees as of the end of 2016, according to filings with the Securities and Exchange Commission. The company had operating revenue of more than $612.9 million and a profit of about $56.4 million in 2016.
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