TTX, which provides freight cars for major railroads, is moving its headquarters from Chicago to Charlotte, North Carolina, where it will create 150 jobs, North Carolina Gov. Roy Cooper said in a news release.

The headquarters loss for Chicago follows similar moves by companies that include Caterpillar, Citadel and Tyson Foods. Boeing also took its headquarters out of town, although it said later that most of its Chicago staff stayed put.

Meanwhile, Chicago has picked up major investments from corporations such as Kellogg, John Deere and Kimberly-Clark, while Allstate and Abbott Laboratories have moved jobs into the city from the suburbs.

In announcing the deal this week, Cooper’s office said TTX will invest $14.5 million and set up operations in functions that include finance, information technology and business and product development. The state has agreed to pay the company up to $1.8 million in tax subsidies over the next 12 years.

TTX has been based at 101 N. Wacker Drive, occupying about 100,000 square feet. In 2020, it offered the entire space for sublease just as the pandemic was keeping most office workers at home.

Cooper did not disclose the timing of the move. His administration’s Commerce Department referred inquiries to TTX, which did not return calls Thursday.

The Charlotte Observer said specifics about the company’s new operation will be revealed after leasing negotiations are finished.

“We believe Charlotte presents a unique opportunity for TTX that provides for strategic partnerships to strengthen our business,” President and CEO Thomas Wells said in a news release. He said the company will “look forward to welcoming new local talent to join our existing workforce to continue to drive our long-term success.” 

The North Carolina tax subsidy is a grant based on projected growth in tax revenue from the new jobs. Cooper’s office said the average annual salary for the positions will be $162,000, twice the average rate for the Charlotte region.

North Carolina’s Commerce Department said the grants are “awarded only in competitive recruitment or retention situations.”

The Illinois Department of Commerce and Economic Opportunity could not immediately say if it offered TTX incentives to stay.

TTX was founded in 1955 and operates as a co-op for the nation’s leading railroads. It manages 170,000 railcars.