Hyosung HICO is investing an additional USD 157 million to build a new facility at its U.S. headquarters, creating 240 new jobs. This new plant will increase the company’s manufacturing capacity by 50%, making it one of the largest power transformer factories in the U.S. and the only one making 765kV transformers domestically.
This announcement comes after a USD 51 million expansion in May and follows a recent international recruitment trip to Asia by Tennessee Governor Lee and Deputy Governor McWhorter. With around USD 300 million invested in the Memphis plant since 2019, this project further reinforces the partnership between Tennessee and South Korea, built on innovation as well as manufacturing excellence
Hyosung HICO, a subsidiary of South Korea’s Hyosung Heavy Industries, is a major U.S. producer of large power transformers, which are crucial for a stable and reliable electric grid. Since choosing Since choosing Memphis for its U.S. facility in 2019, the company has become a major player in modernizing the U.S. electric grid.
Executive Statement
According to Deputy Gov. and TNECD Commissioner Stuart C. McWhorter, When companies choose Tennessee, it’s a clear testament to their strong business climate and leadership in innovation. When they choose them again, it underscores the lasting partnerships they have built through international engagement – and important to today’s announcement – their commitment to advancing critical industries like power. He is grateful to Hyosung HICO’s leadership for their continued trust in their state and remain committed to supporting their success.