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March 15, 2012 1:30 PM, EDT

DHL to Spend $47 Million to Expand U.S. Hub

DHL Express said it will spend $47 million to upgrade its U.S. package express and cargo sorting facility and capability at the Cincinnati area airport.

The expansion, announced Wednesday, will consist of a new 193,000 square foot facility to handle packages and cargo, which is expected to create about 280 new jobs. The new facility is expected to be open in November.

DHL is part of Germany-based Deutsche Post DHL, which last week reported a decline in fourth-quarter profit from a year ago.

The company's net income fell 64% to 175 million euro ($230 million), from 487 million euro a year earlier, the Associated Press reported. Revenue increased 2.1% to 14.1 billion euro.

Deutsche Post DHL said valuation effects from its sale of Postbank to Deutsche Bank AG cut into its profits, AP reported.