Delivery of new trucks and the trade-in of the current fleet will begin in May and is scheduled to be completed by Dec. 31, 2006.
Russell Gerdin, chairman and CEO of Heartland said, "After thorough research and extensive negotiations with all major truck manufacturers, the International 9400i was chosen to be the truck of our future. The new trucks will be equipped with EPA-compliant Cummins or Caterpillar engines."
He said the transaction provides the option to purchase additional trucks to facilitate fleet growth.
A spokesman for Heartland Express said the company would not reveal how many trucks are involved in the transaction, nor would he say how many tractors are currently in the fleet.
Department of Transportation figures show the fleet size approaching 3,000 power units.
The company ended the first quarter of 2004 with gross revenues of $106.8 million and a net income of $13.1 million. At March 31, 2004 the company had a cash and investments balance of $221.8 million and is debt-free. This transaction will be funded from the existing cash and investment balances and future cash flows from operations.
Heartland Express is an irregular route truckload carrier serving customers with primary shipping lane east of the Rocky Mountains. It offers long haul, regional and dedicated services.
For more information about Heartland Express, call (800) 441-4953, or visit www.heartlandexpress.com.