Governor Josh Stein has announced a significant expansion for Pennsylvania Transformer Technology, LLC (PTT) in Raeford, North Carolina. The company plans to invest over $102.5 million and create 217 new jobs in Hoke County.
“PTT’s expansion is an outstanding economic development win for Hoke County and the entire state of North Carolina,” stated Governor Stein. He emphasized the state’s robust manufacturing workforce and strategic location as factors contributing to this success.
Headquartered in Canonsburg, Pennsylvania, PTT specializes in manufacturing power and distribution transformers. The company intends to build two new facilities totaling 300,000 square feet in Raeford to boost its production capacity and address domestic supply chain shortages.
Sandeep Chakravarty, President of PTT, expressed enthusiasm about the expansion: “We are thrilled to further invest in and expand our operations in Hoke County.” He highlighted the benefits of creating well-paying jobs and supporting economic growth.
N.C. Commerce Secretary Lee Lilley remarked on the investment’s significance: “This major investment is more proof that North Carolina is indeed the best state to do business.”
The average annual salary for these new positions will be approximately $64,949, surpassing Hoke County’s average salary of $42,659. This could lead to an aggregate annual payroll impact exceeding $14 million locally.
To support this expansion, a performance-based grant of $800,000 from the One North Carolina Fund will be provided. This fund assists local governments in attracting investments by offering financial aid contingent upon job creation and capital investment targets being met.
N.C. Senator Danny Earl Britt Jr. commented on the development: “These new jobs and millions of investments are the right sparks to energize our community.” N.C. Representative Garland E. Pierce added that PTT has been a valuable corporate citizen for over three decades.
Key partners involved include various state departments, local government bodies, educational institutions, transportation companies, and other organizations dedicated to fostering economic growth in North Carolina.
