South Korean power transformer manufacturer to invest $51 million in Memphis, create more than 120 new jobs
Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter and Hyosung HICO, Ltd officials announced today the company 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.
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.
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.
Quotes
“Today’s announcement is a testament to how global brands thrive in our strong business climate, thanks to Tennessee’s highly skilled workforce and low taxes. I’m grateful to Hyosung for their commitment to creating 123 high-quality jobs that will provide greater opportunity for families across Shelby County.” – Gov. Bill Lee
“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.” – Taehee Woo, CEO, Hyosung Heavy Industries
“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.” – Jason Neal, President of Hyosung HICO and Senior Executive VP of HICO America
“This expansion by Hyosung HICO is a powerful example of how strategic partnerships drive progress in Memphis. Through collaboration between public and private sectors, we’re building an advanced manufacturing hub that contributes to global energy innovation. At EDGE, we’re honored to support initiatives that expand our economic footprint and deepen our city’s impact on the future of energy.” – Dr. Joann Massey, CEO, EDGE
About Hyosung Heavy Industries
Hyosung Heavy Industries is a global leader in heavy electrical equipment, specializing in advanced power transformers, shunt reactors, high- and medium-voltage gas-insulated substations, FACTS and DC solutions, and Smart Grid technologies. With a strong focus on the extra high voltage solutions and next-generation power infrastructure, Hyosung delivers high-performance solutions to customers across North America and worldwide. The company is committed to grid modernization, low-carbon innovation, and investing in technologies that enable reliable, sustainable power systems. For more information, visit www.hyosungheavyindustries.com. Follow on LinkedIn. Like on Facebook. Subscribe on YouTube.
About Hyosung HICO, Ltd
Hyosung HICO, Ltd. is a U.S.-based manufacturer of large power transformers, serving utility and industrial customers across North America. Since proudly establishing its first domestic production facility in Memphis, Tennessee, in 2019, the company has remained committed to strengthening the American power grid and communities through local manufacturing, job creation, and reliable energy infrastructure solutions.
Please follow both of our companies on LinkedIn Hyosung HICO | LinkedIn HICO America for more information.
About the Tennessee Department of Economic and Community Development (TNECD)
TNECD is the state’s primary agency committed to fostering economic growth through job creation and community development. By attracting new corporate investment and facilitating the growth of existing businesses, the department works to strengthen Tennessee’s competitive landscape. Additionally, TNECD strives to increase the economic prosperity for all Tennesseans by providing grants to communities statewide, helping them to become vibrant, business-friendly environments where companies can flourish. For more information, visit tnecd.com. Join the conversation on Twitter, Instagram, LinkedIn, Facebook and YouTube.
Hyosung HICO, Ltd Media Contact:
Taylor Bobak
Product Marketing Specialist
(412) 915-0129
tbobak@hicoamerica.com
TNECD Media Contact
Chris O’Brien
Public Information Officer
(615) 934-5879
Chris.OBrien@tn.gov
