Electric grid manufacturer to expand again in Memphis

Hyosung HICO, Ltd. officials will expand operations at its U.S. manufacturing headquarters in Memphis, the company’s second expansion in six months. The South Korean company will invest an additional $157 million and create 240 new jobs as the company constructs a new facility at its U.S. headquarters. Upon completion, the new plant will expand Hyosung HICO’s manufacturing capacity by an additional 50%, making the facility one of the largest domestic power transformer manufacturing operations in the U.S. and the only facility currently dedicated to manufacturing 765kV transformers domestically. The company had announced a $51 million in May, bringing its total investment  in Memphis to more than $300 million since 2019.Subsidiary to South Korean Hyosung Heavy Industries, Hyosung HICO is a leading U.S. producer of large power transformers, critical components that ensure a secure and reliable electric grid. Since selecting Memphis for its U.S. production facility in 2019, the company has become a cornerstone of Hyosung’s North American presence and a key driver in domestic grid modernization.