CHARLOTTE, N.C. — Railcar pooling company TTX will move its headquarters to Charlotte, the City of Charlotte announced Tuesday.
TTX, currently based in Chicago, will invest at least $13.8 million and create 150 jobs in Charlotte’s central business district.
“We believe Charlotte presents a unique opportunity for TTX that provides for strategic partnerships to strengthen our business,” TTX CEO Thomas F. Wells said in a press release. “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.”
TTX, founded as Trailer Train in 1955 by the Pennsylvania Railroad, manages a fleet of more than 170,000 intermodal cars, automotive flatcars, general merchandise flatcars, boxcars, and gondolas. More on the company is available at its website.
Like Charlotte is centralized to the U.S. rail network and rail carriers…this is completely just a money grab and nothing more.
More likely it was to get out of Chicago before the new idiot of a mayor can institute his new higher tax policies. Not to mention the greatly increased crime rates, etc. I predict that TTX won’t be the last to hurry up and get out of “Dodge”.
Charlotte’s stellar reputation as a place to do business makes TTX’s decision to move its headquarters from the Windy City to the Queen City no big surprise.
The TTX rail cars carry everything from raw materials like lumber and steel to automobiles to containers that come off large ships that sail in and out of ports.
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The announcement comes the same day at North Carolina was named by CNBC as the No. 1 state for business. The annual ranking looks at major economic development deals and the ability to attract and retain workers, among other factors.
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you elect freaks and they have destroyed the city, a steady march out of failed blue states and cities continues unabated.
TTX Company was founded as TrailerTrain in 1955 by Norfolk & Western Railway, Pennsylvania Railroad, and Rail-Trailer Corporation. Pennsylvania Railroad employees—6,000 in total—entered possible names in a drawing for the new company, and the name “Trailer Train” won.
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What’s the $13.8 million for? And why is TTX leaving Chicago? Why does the move translate to 150 new hires? What are the “strategic partnerships”? Was Charlotte and the State of NC funding the winning bid for the move by TTX? So many questions, so little time to research and accurately report quite an interesting story of a major rail-centric, major rail carrier funded firm.
It means Chicago is going down the sewer…just like California.
Companies are bailing out of Chicago (crime/danger) and Illinois (high taxes) in general.
The 150 new hires will likely be jobs in Charlotte that are not moving from Chicago. Yes, creation of unemployment. Forward thinking states and cities know they have to compete against one another for businesses and the tax dollars they bring.
Exactly what John Pinckney says above – TTX likely got an enormous tax break to relocate to Charlotte and bring “new” jobs – at the expense of the existing jobs in Chicago. How do I know? Because the company I worked 21 years for revealed that I would have to interview for my existing job, be “hired”, and move to Charlotte…because they got an enormous tax break to build a new office complex there, bring 2,200 “new” jobs to Charlotte, and they weren’t about to bring those Chicago jobs (and pay rates) with them. Needless to say, I told them where to stuff it.
Make that 1955. PRR was long gone, as we all know, in 1995.
Good catch George, I was thinking the same thing.
D.P.M. has left the building, alas…
It seems they could hire one of us to proofread…