PLYMOUTH, Minn., Dec. 9, 2004 (PRIMEZONE) -- Heartland Inc. (OTCBB:HTLJ) announced that it has entered into a definitive agreement to acquire Ohio Mulch Inc.(www.ohiomulch.us) for $4 million cash plus stock. The acquisition is expected to close within 60 days, and it will add $23 million in sales with an approximate gross profit of $1.2 million to Heartland's bottom line.
Heartland Inc. is a growing diversified holding company with a wide range of core businesses ranging from heavy machinery and fabricated steel products to a newly innovated composting technology. "The acquisition of Ohio Mulch Inc is a major strategic development for our company and will greatly enhance our portfolio of companies thus creating long-term value for our shareholders," said Trent Sommerville, CEO of Heartland Inc.
"By combining the best of our individual companies' abilities and strengths this acquisition will allow us the opportunity to be a major player in markets nationwide in the distribution and manufacturing of both fertilizers and mulch," said Jim Weber, president of Ohio Much Inc.
Ohio Mulch Inc. is headquartered in Columbus, Ohio with facilities throughout greater Cincinnati and Northern Kentucky. The company has been in business for over 20 years.
More information is available by contacting the companies at 612-554-8419 or by fax at 952-487-6450, or by e-mailing info@heartlandholdingsinc.com.
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