Korean manufacturer to expand Memphis operations

Hyosung HICO, Ltd officials announced the company will expand operations at its U.S. manufacturing headquarters in Memphis, investing $51 million and creating 123 new jobs. 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 the greater Memphis area. Additionally, this company’s continued investment has supported South Korea’s emergence as the state’s No. 1 foreign direct investment partner since 2019.