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Sunday, July 14, 2024

Railcar company moving headquarters to Charlotte

 

A Chicago-based railcar and freight car management company will move its headquarters to Charlotte, the state announced Tuesday.

TTX will make a $14.5 million investment and create 150 jobs in the move. The company provides railcars and related services to the North American rail industry. The average salary for the new positions will be at least $162,000. The current average wage in Mecklenburg County is $80,349.

The railcar pooling company, an arrangement that allows railroads to share railcars, was founded in 1955 as Trailer Train by the Pennsylvania Railroad. The private company is owned by North America’s leading railroads and functions as the industry’s railcar cooperative.

TTX has a fleet of more than 170,000 railcars that serves freight needs for railroads. It’s known for its “signature yellow” railcars.

TTX helps railroads meet customers’ needs by providing railcars in a pooled environment, and has invested $6 billion in additional railcars over the past 10 years. TTX’s engineering and design teams care for its varied fleet with maintenance operations in terminals across the United States.

Jobs at its new Charlotte headquarters will include the company’s finance, information technology, human resources, and business and product development operations, among others.

“We believe Charlotte presents a unique opportunity for TTX that provides for strategic partnerships to strengthen our business,” says CEO Thomas F. Wells in a statement released by the state. “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.”  

TTX’s project in North Carolina will be aided by a Job Development Investment Grant of $1.8 million spread over a dozen years. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $855 million. The state also will chip in an additional $609,250 for necessary utility upgrades.

 

BusinessNC
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