Heartland Express announced May 8 it has agreed to purchase the business and certain trucking assets of Great Coastal Express Inc. located in Richmond, VA.
In a released statement, Heartland says it expects to acquire about 428 tractors and 1,664 trailers, as well as certain other fixed assets relating to the business. Heartland would sublease 68 tractors and obtain access to leases of 125 owner-operators.
The new acquisition is expected to continue to operate out of the Chester, VA, headquarters as the Great Coastal division of Heartland. In addition, Heartland will lease Great Coastal Express terminals in Chester and Roanoke, VA, Baltimore, MD, and Charlotte, NC.
As part of the transaction, the seller will retain cash, accounts receivable, and certain other assets. The purchase price was not disclosed, but the merger is expected to close on or about June 1, 2002.