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7/12/2023
TTX Co. will move its headquarters from Chicago to Charlotte, North Carolina, Gov. Roy Cooper announced yesterday.
The provider of rail cars and freight-car management services will invest $14.5 million in a project to relocate its headquarters to Mecklenburg County, state officials said in a press release issued by Cooper's office.
TTX is finalizing terms for the project location and will release specifics when leasing details are complete, The Charlotte Observer reported.
The new headquarters is expected to create 150 jobs and is facilitated in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Using a formula that takes into account the new tax revenue generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1.8 million spread over 12 years, state officials said.
"We believe Charlotte presents a unique opportunity for TTX that provides for strategic partnerships to strengthen our business," said TTX President and CEO Thomas Wells. "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."
A rail-car pooling company founded as Trailer Train in 1955 by the Pennsylvania Railroad, TTX is privately owned by North America’s major railroads and functions as the industry’s rail-car cooperative.