116 3rd St SE
Cedar Rapids, Iowa 52401
Coralville-based Heartland Express has purchased a Joplin, Mo., truckload and logistics company in a deal valued at $525 million.
Contract Freighters Inc. operates a non-dedicated U.S. dry van and temperature-controlled truckload business as well as CFI Logistica in Mexico.
Heartand said on its website Monday the company will be the eighth-largest truckload fleet and third-largest irregular route, asset-based truckload carrier in the United States.
It stated revenue of approximately $1.3 billion.
Contract Freighters will continue to operate out of Joplin under its own brand and current leadership, Heartland Chairman, President and CEO Michael Gerdin said on the website.
Heartland did not state when the acquisition, which is dependent on regulatory approval, would be complete.
“CFI’s strengths in the north-south Midwestern corridor will add to our driver and customer capability, and their cross-border expertise will help us capitalize on the expected long-term freight volume benefits of nearshoring activity’ — transferring work to carriers geographically closer to a destination — ”by manufacturers,” Gerdin said.
“At the same time, we can offer the CFI people a home that is entirely focused on their core — high-service, irregular route, asset-based truckload freight transportation.
“Over time, we expect to gain meaningful synergies and operate our consolidated business on a larger scale at our historical margins.”
Contract Freighters has facilities in Laredo, Texas; West Memphis, Ark..; Taylor, Mich.; Sanford, Fla.; and Nuevo Laredo, Tamaulipas, Mexico.
The transition does not include CFI Dedicated or CFI Logistics U.S. brokerage operations, Heartland said.