Verst Group Logistics, one of the largest logistics companies in Greater Cincinnati, is investing over $6 million to expand its operation in Boone County.
Verst Group Logistics is a full-scale logistics provider in warehousing, fulfillment, packaging and transportation. Founded in 1966, Verst Group has operations based in Walton, Florence, Hebron, Lexington and Louisville.
The project will see Verst expand its current operation and upgrade equipment in two of its buildings at 7130 New Buffington Road in Florence. Slated enhancements include adding new LED lighting, building a driveway around the building to increase traffic flow, upgrading the roof, installing a new sprinkler system, painting the building’s exteriors and doing interior and exterior concrete work.
The company’s $6.6 million investment is projected to create 17 new full-time jobs, according to a press release from the governor’s office.
“We are excited to expand and invest in the future of our operations here in Kentucky,” CEO Paul Verst said in the release. “This investment not only enhances our capacity, but also reflects our commitment to providing safe, sustainable, and high-quality jobs to the local workforce. We’re proud to continue our growth in a region that has supported us throughout the years.”
Gov. Andy Beshear said Verst’s investment puts Kentucky in a great position to be a key player in the logistics industry.
“We have seen tremendous growth in this sector across the commonwealth and this announcement from Verst only adds to that,” Beshear said in the release. “This is a welcome investment for the Boone County and Florence community, and I look forward to the company’s continued success in Northern Kentucky.”
Last week, the Kentucky Economic Development Finance Authority preliminarily approved a 10-year incentive agreement with Verst Group Logistics under the Kentucky Business Investment program.
Based on the company’s investment of $6.6 million, Verst Group Logistics can receive $150,000 in tax incentives if it hits specific benchmarks, like paying an average hourly wage of $27.30, including benefits across those jobs and creating and maintaining the 17 Kentucky-resident, full-time jobs across 10 years.
Additionally, KEDFA approved Verst for up to $100,000 in tax incentives through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.