Governor of North Carolina, Josh Stein has announced an expansion for Pennsylvania Transformer Technology (PTT), a domestic manufacturer of power and distribution transformers, to add 217 new jobs in Hoke County as well as invest more than $102.5 million to expand its manufacturing footprint in the City of Raeford.
With plans to build an additional 300,000 square feet across two new state-of-the-art facilities in Raeford, PTT’s expansion is designed to increase its manufacturing capacity of transformers in the United States and contribute to reducing domestic supply chain shortages of critical transformer equipment.
“This new state-of-the-art facility will not only enhance our production capacity, it will provide economic benefits to the community by creating additional well-paying, high-quality jobs and more broadly, contribute to the country’s economic growth and the energy transition,” said Sandeep Chakravarty, President of PTT.
The average annual salary is expected to be $64,949, exceeding the Hoke County average of $42,659. The new jobs are predicted to create a potential positive aggregate annual payroll impact of more than $14 million to the local economy.
A performance-based grant of $800,000 from the One North Carolina Fund will support the company’s expansion in Hoke County. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs.
Companies receive no money upfront and are required to meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments and any award is contingent upon that condition being met.
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other partners in this project include the North Carolina General Assembly, North Carolina Department of Transportation and its Rail Division, North Carolina Community College System, North Carolina Railroad Company, Aberdeen & Rockfish Railroad, Golden LEAF Foundation, North Carolina’s Southeast, Hoke County, Raeford/Hoke Economic Development, City of Raeford, and Piedmont Natural Gas.
