TTX Selects Charlotte for Headquarters Relocation
Published on July 11, 2023
CHARLOTTE, N.C. (July 11, 2023) – TTX, a railcar pooling company owned by the country’s leading rail carriers, has selected Charlotte for its new headquarters location. The company will invest at least $13.8 million and create 150 new jobs in the central business district.
“We believe Charlotte presents a unique opportunity for TTX that provides for strategic partnerships to strengthen our business,” said Thomas F. Wells, president and chief executive officer for TTX Company. “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 is a railcar pooling company founded as Trailer Train in 1955 by the Pennsylvania Railroad. TTX’s right-sized, low cost, reliable fleet of over 170,000 railcars serves North America’s railroads and the world’s freight needs. TTX helps railroads meet their customers’ needs by providing well-maintained railcars in an efficient, pooled environment, investing $6 billion in additional railcars, over the past 10 years alone. TTX has a complete engineering and design team to care for its large and varied fleet with maintenance operations in terminals across the network. In addition to this vital role as a railcar pool operator, TTX invests in and operates sophisticated industry technology solutions, and these solutions improve the quality and timeliness of financial and operating information for managing its business. Further, TTX is a recognized innovator in the technical design and engineering of railcar components.
“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,” said Governor Cooper. “Charlotte’s stellar reputation as a place to do business makes TTX’s decision to move its headquarters to the Queen City no surprise.”
“We are pleased to welcome our newest headquarters to Charlotte,” said Mayor Vi Lyles. “We are grateful that TTX is investing in Charlotte, and we appreciate their commitment to safety and sustainability. Companies like TTX are further proof that Charlotte’s local economy is strong and getting stronger by the day.”
TTX’s distinctive model, heritage and mission inspire them to plan decades ahead, giving them a long-term perspective that guides their approach to environmental, social and governance factors. Safety, service, and sustainability are part of their DNA. Rail is by far the most efficient way to move freight over land. TTX’s railcar pools and management of other industry pools help rail move more efficiently by reducing the total number of railcars needed, minimizing empty railcar miles and making supply chains more sustainable. The materials program emphasizes reuse and reconditioning of parts and raw materials, helping to mitigate the environmental footprint.
“TTX’s relocation decision further solidifies Mecklenburg County’s position as a major logistics center. We continue to succeed in attracting businesses like TTX because of our community assets and our large pool of highly-qualified workers. We welcome their monetary investment as well as the 150 new high-paying jobs they bring to the area and look forward to a partnership that benefits the entire community,” stated Mecklenburg Board of County Commissioners Chair George Dunlap.
This project was a collaborative effort between the City of Charlotte, Mecklenburg County, the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, North Carolina General Assembly, North Carolina Community College System, Charlotte Center City Partners, and the Charlotte Regional Business Alliance.
During the past twelve months, the City of Charlotte and Mecklenburg County have collaborated on economic development projects including relocations and expansions of the ACC, Solve Industrial Motion Group, Albemarle Corporation, and alpitronics Americas LLC. With today’s announcement from TTX, the city and county have helped bring more than $312 million in capital investment and 800 new jobs.