M&P Logistics to Create 120 Kentucky Jobs with Nearly $4 Million Investment in New Boone County Headquarters
Company adding sales, operations and administrative positions
FRANKFORT, Ky. (Aug. 25, 2022) ? Today, Gov. Andy Beshear announced Mackenzie and Paige Logistics LLC (M&P), a woman-owned logistics provider based in the commonwealth, will invest nearly $4 million and create 210 full-time jobs, including positions for at least 120 Kentucky residents, with a new headquarters operation in Florence.
?Kentucky?s distribution and logistics sector continues to grow at an incredible rate with this announcement from M&P Logistics,? Gov. Beshear said. ?Better yet, this is a homegrown Kentucky company that is expanding rapidly and creating quality job opportunities for our residents. Our existing industry is essential to achieving our goal to create a brighter future in the commonwealth, and M&P is an important part of that.?
Company leaders outlined an aggressive growth plan that includes acquisition of a 26,000-square-foot building at 7900 Tanners Gate Lane in Florence. Among the jobs being created at the new location are sales, operations and administrative roles, as well as high-end and middle management positions. Currently, the company employs approximately 30 people at offices in Boone County.
?As a Northern Kentucky native, I?m proud to be from this area and felt it was important to operate our business here,? Kimberly Hall, founder and CEO of M&P Logistics, said. ?We?re incredibly grateful to the Kentucky Cabinet for Economic Development, Northern Kentucky Tri-ED, the City of Florence and Boone County Judge/Executive Gary Moore for supporting the growth of M&P as both a local and woman-owned minority business. We look forward to continuing our growth and enriching the local community for the years to come.?
Established in 2011, M&P Logistics is Women?s Business Enterprise National Council woman-owned certified transportation brokerage company that has grown exponentially since its founding. In addition to operating dry-van and refrigerated transportation, M&P provides specialized options such as white glove deliveries, rail and port drayage, as well as sprinter and box truck expediting. Along with its growing Kentucky footprint, M&P maintains offices in Florida and recently opened an office in California. Earlier this month, M&P was recognized as one of America?s fastest growing privately owned companies with inclusion on Inc. magazine?s Inc. 5000 list.
M&P?s growth adds to Kentucky?s strong distribution and logistics presence. Since the start of the Beshear administration, companies within the sector announced more than 5,600 full-time, Kentucky-resident jobs across more than 90 facility expansion and new-location projects with $605 million in private-sector investment in the commonwealth.
Judge Moore thanked the leadership at M&P for expanding in Boone County.
?M&P is on a fast-growth track, announcing more than 200 professional career opportunities in the logistics management subcluster,? he said. ?We congratulate this homegrown company and welcome the hundreds of new jobs they are creating in Northern Kentucky.?
Mayor Diane Whalen applauded M&P?s leaders for their success and the decision to re-invest in Florence.
?Thank you to M&P for the commitment to grow and add more than 200 new logistics roles in the city of Florence,? Mayor Whalen said. ?It?s fantastic to see this logistics business, which was founded in Florence, driving impressive revenue growth consistently over the last several years.?
Northern Kentucky Tri-ED CEO Lee Crume noted M&P is part of a thriving logistics management and consulting subcluster in the Cincinnati region.
?We?re thrilled to retain M&P in Northern Kentucky and welcome the company?s investment in Florence,? Crume added. ?Congratulations to M&P for its inaugural ranking on the Inc. 5000 with 84% growth.?
M&P?s investment and planned job creation furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky?s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
In the past year, the Beshear administration announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April of this year, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
The economic momentum has carried strongly into 2022, with both S&P Global Ratings and Fitch Ratings upgrading Kentucky?s financial outlook to positive in recognition of the commonwealth?s surging economy.
And Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Kentucky has posted record low unemployment rates for four consecutive months, falling from 3.9% in April to 3.8% in May and 3.7% for June and July.
In July, the Governor reported the highest annual growth rate in 31 years. And for the second year in a row, Kentucky?s General Fund budget surplus has exceeded $1 billion. Also in July, Gov. Beshear reported that the state?s Rainy Day fund is up to a record balance of $2.7 billion, significantly higher than the $129 million balance the fund had when the Governor took office.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1.65 million in tax incentives based on the company?s investment of $3.96 million and annual targets of:
- Creation and maintenance of 120 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $24.20 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, M&P can receive resources from Kentucky?s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on M&P Logistics, or to apply for a position with the company, visit MandPlogistics.com.
A detailed community profile for Boone County can be viewed here.
Information on Kentucky?s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
Read about other key updates, actions and information from Gov. Beshear and his administration at?governor.ky.gov,?kycovid19.ky.gov?and the Governor?s official social media accounts?Facebook,?Twitter?and?YouTube.
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