Hyosung HICO invests $51M to expand transformer manufacturing facility in Tennessee
Hyosung HICO has announced plans to expand operations at its transformer manufacturing facility in Memphis, Tennessee. The company, which produces large power transformers for the electric grid, will invest $51 million in the project and create 123 new jobs in Shelby County.
The existing facility spans 360,000 square feet and is located on a 200-acre site with access to rail and water transportation, making it a strategically positioned location for continued growth. This expansion will allow the company to build on its existing capacity, including its unique capability in the U.S. to produce 765kV level transformers.
What people are saying
In a recent quote, Taehee Woo, CEO, Hyosung Heavy Industries, said, “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. 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 supplier of large power transformers in the country by 2027, and the leading supplier of solutions by the end of this decade.”
Jason Neal, President of Hyosung HICO and Senior Executive VP of HICO America, added, “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.”
Gov. Bill Lee, Governor of Tennessee, added, “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.”
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