updated 2/25/2005 5:17:20 PM ET 2005-02-25T22:17:20

A day after announcing plans to close its freight sorting hub in Ohio , shipping giant UPS Inc. on Friday announced an $82.5 million expansion at its Louisville air hub, its largest.

The world's largest shipping carrier said it will build a 700,000-square-foot facility at the Louisville air hub to position it as its main heavy airline freight sorting site. The expansion will create 720 new jobs initially.

On Thursday, UPS announced it will close its freight sorting hub in Dayton, Ohio, in 2006, eliminating 1,400 jobs. Louisville was among seven cities contending for the expansion. UPS said Kentucky's incentives package, totaling up to $20 million, helped seal the deal.

The incentive package consists of tax credits based on the number of full-time jobs created.

"UPS wants to continue to build on the highly successful partnership UPS and Kentucky have long enjoyed," said John Hindman, a UPS Airlines vice president.

UPS said the expansion is expected to create 120 new full-time jobs and 600 part-time jobs at the start of the new operation. Within 10 years, the expansion should create 400 full-time jobs, the company said.

UPS shares fell 21 cents to close at $77.19 in Friday trading on the New York Stock Exchange. Its shares have traded in a 52-week range of $67.51 and $89.11.

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