RALEIGH – TTX Company, a provider of railcars that are shared – or “pooled” across railroad companies – is moving its headquarters to Charlotte and creating 150 jobs that will pay a minimum of $162,000 a year.
The Chicago-based company struck a tax incentives deal with the North Carolina Department of Commerce’s Economic Investment Committee on Tuesday. State and local incentives from Charlotte as well as Mecklenburg County total some $4 million.
TTX, which owns some 170,000 railcars, will invest some $14 million in the headquarters.
It’s “privately owned by North America’s leading railroads and functions as the industry’s railcar cooperative,” according to Gov. Roy Cooper’s office..
“We believe Charlotte presents a unique opportunity for TTX that provides for strategic partnerships to strengthen our business,” said Thomas Wells, the TTX CEO, in a statement. “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.”
It’s the second big win for North Carolina from the railroad industry this year. Siemens Mobility chose Lexington for a 500-job expansion in March.
500+ manufacturing jobs coming to North Carolina in big railcar expansion
In a statement, Cooper lauded the company’s move.
“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,” Cooper said. “Charlotte’s stellar reputation as a place to do business makes TTX’s decision to move its headquarters to the Queen City no surprise.”
What’s pooling?
“Pooling means that railroads share the railcars bringing several benefits,” the company says at its website. “First, railroads have the flexibility to respond to changing market conditions because the fleet is already established. Second, they do not have to waste resources switching out and returning empty railcars, eliminating supply chain inefficiencies. Third, the capital burden on railroads is reduced because TTX buys the cars, lowering operating costs, and reducing the industry’s risk. All of these help keep the railroads competitive to the benefit of the shipping public.”
