Publicly traded trucking firm Celadon Group Inc. (CGI) has begun construction of a new $24 million corporate campus in Mount Comfort, Ind.

The new headquarters provides close access to a regional airport and Interstate 70 and will sit just outside the limits of Indianapolis, Ind. Hancock County also provided the firm a 10-year property tax abatement to help offset the expected cost of construction. The company will relocate roughly 500 employees from the city to the county.

The Indianapolis-based trucking firm has had its primary offices within the city limits since 1996. However, the company has been seeking a new facility due to size restrictions on its 40-acre site. The new Mount Comfort location is roughly five miles east of its previous facility.

“The biggest thing is that it’s literally right off the interstate, so it will be very convenient for our drivers,” Celadon spokesman Joe Weigel said this week. “There’s a lot of space. We won’t be landlocked.” (See also: How To Analyze The Transportation Industry.)

Celadon is one of the country’s largest trucking companies, operating vehicles throughout the United States, Canada and Mexico. Its decision to move out of the county may also be spurred by a cost-cutting initiative tied to a recent regulatory ruling. (See also: Time to Panic for Trucking Stocks?)

The U.S. government recently mandated that all U.S. trucking firms must electronically log the hours of truck drivers. The goal is to help reduce vehicle accidents and improve road safety. Early projections for the costs of implementation for the North American trucking industry sits at $1.8 billion, according to the FMCSA.

While 84% of major trucking companies use electronic tracking, the costs associated eat into an industry with razor-thin profit margins. According to Yahoo! Finance, Celadon’s profit margin sits at just 2.33%.

Celadon Group traded at $6.82 at market open on Wednesday, Oct. 26. According to Yahoo! Finance, six analysts have set a consensus price target of $11.38 and rate the stock a Buy. (See also: Transports Flashing September Buy Signals.)

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