South Korean power transformer manufacturer to create 240 new jobs; expansion marks second Memphis investment in six months
MEMPHIS, Tenn. — November 13, 2025 — Hyosung HICO, Ltd., a leading U.S. producer of large power transformers and subsidiary of South Korea–based Hyosung Heavy Industries, announced a major expansion of its U.S. manufacturing headquarters in Memphis, Tennessee. The company will invest $157 million to construct a new facility and create 240 new jobs, strengthening its position as a core contributor to domestic electric grid modernization.
Today’s announcement represents the company’s second expansion within six months, following a $51 million investment earlier this year. With more than $300 million invested in Memphis since 2019, Hyosung HICO continues to broaden its manufacturing presence and deepen its partnership with the State of Tennessee.
The expansion will increase Hyosung HICO’s manufacturing capacity by 50%, solidifying the Memphis campus as one of the largest domestic power transformer production operations in the United States. It will also remain the only U.S. facility dedicated to producing 765kV transformers, a critical component of advanced, reliable power transmission systems.
Strengthening Tennessee’s Advanced Manufacturing and Energy Infrastructure Sectors
State leaders emphasized the significance of Hyosung HICO’s continued growth, noting the project’s impact on Tennessee’s energy technology sector and workforce development efforts.
“Tennessee’s pro-business climate, low taxes and highly skilled workforce make our state a top destination for global companies,” said Governor Bill Lee. “Hyosung HICO’s $150 million investment and 240 new jobs reflect the strength of our economy and our commitment to building lasting international partnerships.”
Hyosung HICO’s expansion follows Gov. Lee’s recent international recruiting trip to Asia, underscoring the state’s strong ties to South Korea. Since 2019, South Korea has invested $7.2 billion in Tennessee, making it one of the state’s leading foreign direct investment partners.
Company Leaders Highlight Growth, Innovation and National Energy Security
“This expansion reflects our shared success with the State of Tennessee and our commitment to strengthening American manufacturing,” said Jason E. Neal, President of Hyosung HICO and Senior Executive VP of HICO America. “As we expand our business—including 765kV solutions, transformers, switchgear and DC technologies—we remain dedicated to advancing the U.S. power grid and contributing to the economic growth of Memphis and the broader region.”
“A reliable and efficient power grid is the backbone of national competitiveness, especially in an era defined by digital transformation and AI,” added Takeshi Yokota, President of Power System PU, Hyosung Heavy Industries. “We take great pride in manufacturing critical power infrastructure right here in Tennessee.”
Local leaders echoed these sentiments.
“Hyosung HICO’s continued growth in Memphis is a testament to the power of partnership,” said Dr. Joann Massey, CEO of EDGE. “We are proud to support the company as it expands manufacturing, strengthens the energy industry and creates new opportunities across Memphis and Shelby County.”
About Hyosung Heavy Industries
Hyosung Heavy Industries is a global leader in high-voltage and extra-high-voltage electrical equipment, specializing in power transformers, shunt reactors, gas-insulated substations, FACTS, DC solutions and Smart Grid technologies. The company is committed to delivering reliable, sustainable and next-generation energy infrastructure worldwide. Learn more at www.hyosungheavyindustries.com.
About Hyosung HICO, Ltd.
Hyosung HICO, Ltd. manufactures large power transformers for utility and industrial customers, supporting grid modernization and domestic energy reliability. Since opening its first U.S. production facility in Memphis in 2019, the company has expanded its portfolio to include shunt reactors, phase shifters, circuit breakers, STATCOM, DC solutions and high-voltage substations. Learn more at www.hicosupra.com.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development (TNECD) works to attract new corporate investment, support business expansion and foster economic prosperity across the state. Learn more at tnecd.com.
