Universal to Invest $50 Million, Create 45 New Jobs with Expansion into Greater Roanoke, Virginia Market
WARREN, Mich., Jan. 2, 2024 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ:ULH) is poised to undertake an important expansion as it ventures into a new industrial building situated on Lee Highway within the greater Roanoke, Virginia area. Universal expects to invest approximately $50 million and generate 45 new employment opportunities with the expansion. The move marks a strategic initiative for Universal's heavy truck division, a key player in providing third-party assembly, sequencing, and other value-added services within the logistics sector.
This expansion aims to further bolster Universal's heavy truck capabilities in servicing Class 8 truck assembly operations. The 254,000 square-foot facility will be instrumental in catering to the growing demands of the heavy truck industry, and is expected to commence operations in 2025 after a comprehensive 12-month facility customization process.
"Our expansion in the Roanoke region represents an exciting phase for Universal's heavy truck division as we fortify our commitment to delivering top-tier services within the logistics and transportation sectors," stated Universal's CEO Tim Phillips. "Our investment not only signifies our dedication to growth, but also underscores our pledge to contribute meaningfully to the local economy while creating employment opportunities for the community."
Universal's investment in this expansion initiative is a testament to its vision of enhancing operations and fostering economic growth in the region. The creation of 45 net new jobs will provide a platform for skilled individuals to contribute to and benefit from the flourishing logistics landscape.
Over the next 12 months, Universal will upgrade the Lee Highway building to accommodate its specialized services, ensuring it aligns seamlessly with the company's operational requirements and quality standards. This expansion initiative signifies Universal's commitment to innovation, efficiency, and excellence in delivering comprehensive assembly and logistics solutions to its clients.
About Universal: Universal Logistics Holdings, Inc. ("Universal") is a holding company that owns subsidiaries engaged in providing a variety of customized transportation and logistics solutions throughout the United States, and in Mexico, Canada and Colombia. Universal's heavy truck division provides third-party assembly and value-added warehouse services within the industrial sector. The company is dedicated to leveraging innovation and expertise to offer cutting-edge solutions, contributing significantly to the advancement of logistics services for original equipment manufacturers.
Forward Looking Statements
Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described. Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal's reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.
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SOURCE Universal Logistics Holdings, Inc.