Monday, Gov. Josh Stein announced a major expansion for Pennsylvania Transformer Technology, LLC (PTT), a domestic manufacturer of power and distribution transformers, to add 217 new jobs in Hoke County. The company will invest more than $102.5 million to expand its manufacturing footprint in the City of Raeford.

“PTT’s expansion is an outstanding economic development win for Hoke County and the entire state of North Carolina,” said Gov. Josh Stein in a press release. “North Carolina is home to the largest manufacturing workforce in the Southeast and a central East Coast location, setting up our rural communities for more success.”

Headquartered in Canonsburg, Pennsylvania, with a nearly-century-old history, PTT is a leading domestic manufacturer of power and distribution transformers for the electric utility, municipal power, renewable energy and industrial markets. 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. 

“We built our first factory in Hoke County, North Carolina back in 1992 and have been proudly manufacturing power transformers in this community for over 30 years,” said Sandeep Chakravarty, president of PTT. “We are thrilled to further invest in and expand our operations in Hoke County. 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.” 

“This major investment is more proof that North Carolina is indeed the best state to do business,” said N.C. Commerce Secretary Lee Lilley. “When companies that currently operate in our state reinvest here, it validates our efforts to provide a quality pool of skilled talent, and business friendly environment where companies can grow and thrive.” 

While salaries for the new positions will vary, the average annual salary is expected to be $64,949, exceeding the Hoke County average of $42,659. These new jobs could 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 must 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.

“This is outstanding news for Raeford and Hoke County,” said N.C. Sen. Danny Earl Britt, Jr. “These new jobs and millions of investments are the right sparks to energize our community, and our people stand ready to support the company in its next phase of growth.

“PTT has been a fantastic corporate citizen in Raeford for more than 30 years,” said N.C. Rep. Garland E. Pierce. “This continued partnership gives us a great vote of confidence in our ability to support such a transformative company as they execute its strategic plan for decades to come.”

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Contributed article.