Hyosung to open first U.S transformer factory in Memphis
Hyosung Heavy Industries (HICO) officials have announced that the company will locate its first U.S. production operations in Memphis, Tennessee.
HICO will invest $86.9 million and create 410 jobs in Shelby County over the next seven years.
Headquartered in Seoul, South Korea, HICO specializes in manufacturing electrical power equipment such as transformers, switchgear, flexible AC transmission systems and energy storage solutions. The company exports its products to customers around the globe and has established itself as one of the leading manufacturers in the power transformer business for the last 50 years.
Tennessee is home to more than 1,000 foreign-owned establishments that employ approximately 150,000 Tennesseans. Korea is among the top 10 countries for foreign investment in Tennessee, with Korean companies investing over $400 million in Tennessee since 2015.
HICO will update an existing Memphis facility to increase production capacity and keep up with growing demand. The company will produce technologically advanced state-of-the-art power transformers at its new manufacturing facility in Shelby County and plans to start production by the first half of 2020.
Since 2015, TNECD has supported nearly 80 projects in Shelby County, resulting in the creation of more than11,000 jobs and approximately $4 billion in capital investment.
Source: Trade Post USA
Photo (for illustrative purposes): Power line / Steve Buissinne / Pixabay / Free for commercial use
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