Governor Josh Stein announced on February 17, 2025, that Pennsylvania Transformer Technology, LLC (PTT) will invest more than $102.5 million to expand its transformer manufacturing operations in the City of Raeford, Hoke County, North Carolina. The Canonsburg, Pennsylvania-based company plans to build two new facilities totaling 300,000 square feet and create 217 new jobs. PTT, which manufactures power and distribution transformers for electric utility, municipal power, renewable energy, and industrial markets, has operated in Hoke County since 1992.
What it means
The expansion adds 300,000 square feet of manufacturing space across two new facilities in Raeford, increasing PTT’s domestic transformer production capacity. The expansion aims to reduce domestic supply chain shortages of critical transformer equipment. The 217 new positions carry an expected average annual salary of $64,949, compared to the Hoke County average of $42,659, with a projected 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 project. Under the OneNC program, companies receive no money upfront and must meet job creation and capital investment targets before any payment is made; all grants also require matching participation from local governments. The North Carolina Department of Transportation’s Rail Division and the North Carolina Railroad Company are among the listed project partners, alongside Hoke County, the City of Raeford, and several other state and regional entities.
Key facts
- Investor: Pennsylvania Transformer Technology, LLC (PTT), headquartered in Canonsburg, Pennsylvania
- Location: City of Raeford, Hoke County, North Carolina
- Capital investment: more than $102.5 million
- New facilities: 300,000 square feet across two buildings
- New jobs: 217 in Hoke County
- Expected average annual salary for new positions: $64,949, versus Hoke County average of $42,659
- Projected aggregate annual payroll impact: more than $14 million
- State incentive: $800,000 performance-based grant from the One North Carolina Fund
- PTT’s first Hoke County factory opened in 1992; the company has operated there for over 30 years
Source: North Carolina Department of Commerce news release (commerce.nc.gov)