MEMPHIS, Tenn. – Tennessee Gov. Bill Lee, Deputy Gov. and Department of Economic and Community Development Commissioner Stuart C. McWhorter and Hyosung HICO, Ltd. officials announced today the company will expand operations at its U.S. manufacturing headquarters in Memphis, Tennessee.

Hyosung HICO 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.

Today’s announcement follows Hyosung HICO’s $51 million expansion announced in May and also comes days after Gov. Lee’s and Deputy Gov. and Commissioner McWhorter’s international recruiting trip to Asia. With the company’s total investment of over $300 million since 2019 at the Memphis plant, this project further strengthens the longstanding relationship between Tennessee and South Korea and reinforces a partnership built on innovation, manufacturing excellence and shared values.

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.

Since 2019, South Korea has emerged as one of the state’s top partners for foreign direct investment partner for jobs and capital investment, investing $7.2 billion.

Source: Tennessee Department of Economic and Community Development