Governor Josh Stein announced a major expansion for Pennsylvania Transformer Technology, LLC (PTT) in Raeford, NC. The company will invest more than $102 million to add 217 new jobs to Hoke County, enhancing its manufacturing capacity of power and distribution transformers. This expansion aims to address domestic supply chain shortages in critical transformer equipment.

Founded in Canonsburg, Pennsylvania, PTT has been manufacturing transformers for the electric utility, renewable energy, and industrial markets for nearly a century. The new facilities will cover 300,000 square feet and are designed to boost production capabilities. Sandeep Chakravarty, President of PTT, expressed excitement about the investment, highlighting the positive economic impact on the community and its role in the U.S. energy transition.

The new positions at PTT are expected to offer an average salary of $64,949 annually, significantly higher than the county's average of $42,659. This expansion is projected to have a positive impact on the local economy, with an aggregate annual payroll exceeding $14 million.

The expansion is supported by an $800,000 performance-based grant from the One North Carolina Fund. Local and state partners, including the North Carolina Department of Commerce, Hoke County, and Raeford/Hoke Economic Development, have all played key roles in making this project possible.

Source: bizfayetteville.com