South Korean power transformer manufacturer to invest $51 million in Memphis, create more than 120 new jobs
Hyosung HICO, Ltd will expand operations at its U.S. manufacturing headquarters in Memphis, Tennessee.
Hyosung HICO will invest $51 million and create 123 new jobs in Shelby County as part of its plans to expand operations at its transformer manufacturing facility. The company’s current operations are 360,000 square feet in size and strategically located on a 200-acre site adjacent to both rail and water.
“Today’s expansion of our Memphis transformer facility marks a major milestone in our U.S. growth strategy and underscores our vision to become the #1 domestic supplier of large power transformers by 2027 and the leading supplier of solutions by the end of this decade. Memphis is the foundation of Hyosung HICO’s long-term commitment to U.S. energy infrastructure and our position as a leading supplier of products and solutions. Acquiring the Memphis plant in 2019 remains one of the most pivotal decisions in our company’s history, and this investment reaffirms our commitment to the City of Memphis, the state of Tennessee, our employees, and our utility and industrial partners across North America as we continue to deliver unmatched quality in large power transformers and enhance grid stability for all,” said Jason Neal, President of Hyosung HICO and Senior Executive VP of HICO America.
Subsidiary to South Korean Hyosung Heavy Industries, Hyosung HICO is a leading U.S. producer of large power transformers, which are critical components of a secure and reliable electric grid. In 2019, the company had the honor of announcing Memphis as its first U.S. production facility – an investment that has since become a cornerstone of its North American presence. The facility has become a significant player in the U.S. market, and the only operations in the U.S. that has produced 765kV level transformers.
“We are committed to executing this expansion with the firm belief that only companies that succeed in the U.S. market can secure true competitiveness. Today’s expansion of our Memphis transformer facility marks a major milestone in our U.S. growth strategy and underscores our vision to become the #1 supplier of large power transformers in the country by 2027, and the leading supplier of solutions by the end of this decade,” said Taehee Woo, CEO, Hyosung Heavy Industries.
Paired with today’s expansion, Hyosung HICO’s continued growth in Memphis deepens its roots in Tennessee and reaffirms its long-term commitment to the local community, creating more than 500 jobs in Shelby County. Additionally, this company’s continued investment has supported South Korea’s emergence as the state’s No. 1 foreign direct investment partner since 2019.
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