TTX Company, a major provider of railcars and related freight car management services to the North American rail industry, will move its headquarters to Charlotte, creating 150 jobs, Governor Roy Cooper announced on July 11. The company will invest $14.5 million in Mecklenburg County.
“Designated as the number one state in the nation do to business for the second year in a row, our quality of life, infrastructure and talented, well-educated workforce lets companies know they will find success in North Carolina,” said Governor Roy Cooper. “Charlotte’s stellar reputation as a place to do business makes TTX’s decision to move its headquarters to the Queen City no surprise.”
TTX, currently headquartered in Chicago, is privately owned by North America’s leading railroads and functions as the industry’s railcar cooperative. TTX has a complete engineering and design team to care for its over 170,000 railcar fleet, with maintenance operations in terminals across the United States. Today’s decision will establish the company’s headquarters in Charlotte and includes units involved with finance, information technology, human resources, and business and product development, among others.
“We believe Charlotte presents a unique opportunity for TTX that provides for strategic partnerships to strengthen our business,” said Thomas F. Wells, President & Chief Executive Officer for TTX Company. “Our company is positioned to provide strong rail and freight car management services from the Charlotte metro area – as such, we are excited to partner with local innovators, business leaders, and academic institutions to drive value for the North American rail industry and the local economy. We also look forward to welcoming new local talent to join our existing workforce to continue to drive our long-term success.”
“I’m pleased TTX recognized North Carolina’s commitment to develop and attract talent to our state, a commitment that became an important factor in their site selection decision,” said North Carolina Commerce Secretary Machelle Baker Sanders. “We never take for granted the importance of a strong, well-trained workforce. From our excellent universities to our community colleges and K-12 schools, North Carolina will continue to invest in our people and the educational systems that create opportunities for everyone.”
Although wages will vary depending on the position, the average salary for the new positions will be, at a minimum, $162,000. The current average wage in Mecklenburg County is $80,349.
TTX’s project includes a Job Development Investment Grant (JDIG), which could yield the company up to $1,827,750, spread over 12 years. The project is estimated to grow the state’s economy by $855 million.
The JDIG agreement also calls for moving $609,250 into the state’s Industrial Development Fund – Utility Account. since Mecklenburg is a Tier 3 county.
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, Mecklenburg County, the City of Charlotte, Charlotte Center City Partners, and the Charlotte Regional Business Alliance.