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Area Development - Site Selection, Facility Planning and Workforce Development

Verst Group Logistics Expands Boone County, Kentucky, Operations

10/11/2024
Verst Group Logistics Inc., a full-scale logistics provider in warehousing, fulfillment, packaging and transportation, plans to expand its operations in Boone County, Kentucky. The $6.6 million project is expected to create 17 jobs.

The investment will include an equipment upgrade at two of the company's existing facilities located at 7130 New Buffington Road in Florence.

“We are excited to expand and invest in the future of our operations here in Kentucky,” said Paul Verst, CEO of Verst Group Logistics. “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.”

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) last week preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $150,000 in tax incentives based on the company’s investment of $6.6 million and annual targets of creation and maintenance of 17 Kentucky-resident, full-time jobs across 10 years; and paying an average hourly wage of $27.30 including benefits across those jobs.

“Our unique location and access to resources puts Kentucky in a great position to be a key player in the distribution and logistics industry,” noted Governor Andy Beshear. “We have seen tremendous growth in this sector across the commonwealth and this announcement from Verst only adds to that. 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.”

Additionally, KEDFA approved Verst for up to $100,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments. In addition, Verst can receive resources from Kentucky’s workforce service providers.

“Our ideal location in the Midwest allows companies to move products quickly and efficiently to more than half of the U.S. population within a day’s drive,” added BE NKY Growth Partnership CEO Lee Crume. “Congratulations to Verst on this additional investment to their significant presence in Northern Kentucky.”

Verst Group Logistics offers a wide range of services, providing logistics solutions for warehousing and contract logistics, omnichannel fulfillment, contract packaging, shrink sleeve labeling, transportation management and freight brokerage.

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