By Patrick Crowley
The Cincinnati Enquirer

COVINGTON - Omnicare Inc., the nation's leader in providing pharmacy services at nursing homes and assisted care facilities, announced Thursday it plans to add 240 jobs and double the size of its corporate headquarters at the RiverCenter Tower II office building.

The company now employs more than 100 people in Northern Kentucky. The expansion will come through consolidating some accounting and support functions scattered across the country, said Omnicare spokeswoman Cheryl Hodges.

"Omnicare has grown 50 percent in the last two years," Hodges said. The biggest acquisition was completed in January 2003, when Omnicare acquired NCS HealthCare Inc. of suburban Cleveland for $465 million after a seven-month legal and financial battle.

"In order to efficiently support this growth, we are centralizing many functions - resulting in a significant expansion of our Northern Kentucky headquarters," she said.

The decision gives Covington an economic development coup that could generate as much as $200,000 in new annual tax revenue.

"This is great for the city," said Covington City Commissioner Jerry Bamberger. "We focus hard on economic development - because when we bring in new jobs and new tax revenue, we are able to reduce taxes and increase services for the rest of the city."

Commissioner Bernie Moorman said, "At a time when budgets are tight, this is great news."

Omnicare will add 50,185 square feet for a total of 92,585 spread over six floors, making it the largest tenant at RiverCenter II, said Tom Banta, vice president of Corporex Cos.

Omnicare has signed a 12-year lease with Corporex, Banta said. Terms were not disclosed.

The company has received preliminary approval for up to $9.6 million in tax credits over 10 years, according to the Kentucky Economic Development Cabinet.

Just this week, Omnicare joined the Fortune 500 list of the nation's largest companies, at No. 475.

Covington is home to another Fortune 500 firm, Ashland Inc., which is also headquartered at RiverCenter.

E-mail pcrowley@enquirer.com