FRANKFORT, Ky. — BM2 Freight Services Inc. announced it will expand in Covington with a $2.3 million investment creating 56 quality jobs.
The company currently leases the entire 5th floor in Tower One of the Rivercenter Building in Covington. The project will see the company expand its current footprint by leasing another half-floor in the same tower, increasing its operational space by almost 8,000 square feet for a total of over 24,000 square feet. The project will include demolition and construction on the new floor to allow room for 56 new employees, mainly logistics account manager positions, which would bring the total number of Kentuckians employed by the company to 154.
“BM2 is pursuing aggressive growth goals by providing strategic transportation solutions and services to our customers in North America,” said BM2 President Sarah Newman. “Our priorities are service, communication and integrity. We’re thrilled to be expanding our headquarters and adding new jobs in Covington. We appreciate our support from Kentucky, the City of Covington and Northern Kentucky Tri-ED.”
Founded in 2008, BM2 Freight Services is a family-owned and -operated third-party logistics company that provides strategic transportation services to customers throughout North America by connecting them with a network of over 30,000 dependable carriers. The company has been a finalist for the Cincinnati Business Courier’s Fast 55 award, identifying the fastest-growing privately held companies within the 15-county region of Greater Cincinnati that have seen the highest percentage of revenue growth for four consecutive years. Today, the company employs 130 individuals throughout its three locations in Illinois, Tennessee and Covington.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $600,000 in tax incentives based on the company’s investment of nearly $2.3 million and annual targets of:
- Creation and maintenance of 56 Kentucky-resident, full-time jobs across ten years; and
- Paying an average hourly wage of $28.61, including benefits across those jobs.
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, BM2 Freight Services can receive resources from Kentucky’s workforce service providers. These include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
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