North Wake News

Governor Josh Stein announced the expansion of Pennsylvania Transformer Technology, LLC (PTT) in Raeford, North Carolina. The company plans to invest over $102.5 million to expand its manufacturing capabilities, adding 217 jobs in Hoke County.

“PTT’s expansion is an outstanding economic development win for Hoke County and the entire state of North Carolina,” said Governor Stein. He highlighted North Carolina's large manufacturing workforce and strategic location as factors contributing to this development.

PTT, based in Canonsburg, Pennsylvania, has a long history of producing transformers for various markets. The expansion will include two new facilities totaling 300,000 square feet to boost transformer production and address supply chain issues.

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 noted that the new facility would enhance production capacity and create high-quality jobs while contributing to economic growth.

N.C. Commerce Secretary Lee Lilley emphasized that this investment reinforces North Carolina's reputation as a prime business location. “When companies that currently operate in our state reinvest here, it validates our efforts,” he stated.

The new positions will offer an average annual salary of $64,949, higher than Hoke County's average salary of $42,659. This could result in a significant payroll impact on the local economy.

The project is supported by an $800,000 performance-based grant from the One North Carolina Fund. Companies must meet specific targets before receiving funds from this program which requires matching participation from local governments.

N.C. Senator Danny Earl Britt Jr. praised the announcement: “These new jobs and millions of investments are the right sparks to energize our community.” N.C. Representative Garland E. Pierce acknowledged PTT’s longstanding presence: “This continued partnership gives us a great vote of confidence.”

Several partners are involved in supporting this project including state departments and local organizations such as the Economic Development Partnership of North Carolina and Piedmont Natural Gas.