HICO opens Memphis transformer factory
Hyosung Heavy Industries (HICO) have opened their new transformer factory in Memphis, Tennessee.
Senior Executive Vice President at HICO America, Jason Neal, took to LinkedIn to announce the grand opening, saying:
” This is a GREAT day for HICO, the utility industry in North America, the city of Memphis and the state of Tennessee. Today HICO opened our new Power transformer plant in Memphis. It is an exciting day for HICO and our partners in North America. “
As reported by Power Transformer News in December, HICO planned to invest $86.9 million and create 410 jobs in Shelby County over the following 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.
Source: LinkedIn
Photo (for illustrative purposes): Hico, Memphis / LinkedIn
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