Announcement follows most recent international recruiting trip
Hyosung HICO, Ltd. will expand operations at its U.S. manufacturing headquarters in Memphis.
Hyosung HICO will invest an additional $157 million and create 240 new jobs as the company constructs a new facility at its U.S. headquarters. Upon completion, the new plant will expand Hyosung HICO’s manufacturing capacity by an additional 50%, making the facility one of the largest domestic power transformer manufacturing operations in the U.S. and the only facility currently dedicated to manufacturing 765kV transformers domestically.
“This additional expansion reflects our shared success with the State of Tennessee and the partnership between our U.S. operations and our headquarters in South Korea. Together, we’ve built more than a manufacturing facility; we’ve built opportunity. Our employees are the quiet force behind the economic growth that defines Memphis and the broader ‘Digital Delta’, helping us become the leading domestic manufacturer of power transformers. As we expand our business, including 765kV solutions, transformers, switchgear and DC solutions, we remain committed to advancing American manufacturing, strengthening our community and honoring the Korea-America collaboration that fuels our success,” said Jason E. Neal, president of Hyosung HICO and senior executive VP of HICO America
The announcement follows Hyosung HICO’s $51 million expansion announced in May and also comes days after Gov. Lee’s and Deputy Gov. and Commissioner McWhorter’s international recruiting trip to Asia.
“When companies choose Tennessee, it’s a clear testament to our strong business climate and leadership in innovation. When they choose us again, it underscores the lasting partnerships we’ve built through international engagement, and important to today’s announcement, our commitment to advancing critical industries like power. I’m grateful to Hyosung HICO’s leadership for their continued trust in our state and remain committed to supporting their success,” said Deputy Gov. and TNECD Commissioner Stuart C. McWhorter.
With the company’s total investment of over $300 million since 2019 at the Memphis plant, this project further strengthens the longstanding relationship between Tennessee and South Korea and reinforces a partnership built on innovation, manufacturing excellence and shared values.
Subsidiary to South Korean Hyosung Heavy Industries, Hyosung HICO is a leading U.S. producer of large power transformers, critical components that ensure a secure and reliable electric grid. Since selecting Memphis for its U.S. production facility in 2019, the company has become a cornerstone of Hyosung’s North American presence and a key driver in domestic grid modernization.
Image by pvproductions on Freepik.
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