Universal Logistics Holdings Inc ULH said it will invest about $50 million to expand into a new building located on Lee Highway within the greater Roanoke, Virginia area.
Universal expects to generate 45 new employment opportunities with the expansion.
The move will act as a strategic initiative for Universal's heavy truck division that provides third-party assembly, sequencing, and other value-added services within the logistics sector.
The 254,000-square-foot facility will cater to the growing demands of the heavy truck industry and is expected to commence operations in 2025.
Over the next 12 months, Universal will upgrade the Lee Highway building to accommodate its specialized services.
Universal Logistics provides various customized transportation and logistics solutions throughout the U.S., and in Mexico, Canada and Colombia.
Price Action: ULH shares closed higher by 1.75% at $28.51 on Tuesday.
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