Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter and Hyosung HICO, Ltd officials announced the company will expand operations at its U.S. manufacturing headquarters in Memphis, Tennessee.
Hyosung HICO will invest $51 million and create 123 new jobs in Shelby County as part of its plans to expand operations at its transformer manufacturing facility. 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 Shelby County. Additionally, this company’s continued investment has supported South Korea’s emergence as the state’s No. 1 foreign direct investment partner since 2019.
“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.” – Gov. Bill Lee
“With access to air, rail and water, Memphis is the ideal location for Hyosung to expand its extra high voltage manufacturing facility. Tennessee continues to be a hub for foreign direct investment, and Hyosung’s continued investment in Memphis is a testament to our international success. We look forward to seeing the company’s continued growth in the years to come.” – TNECD Commissioner Stuart C. McWhorter
“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.” – Taehee Woo, CEO, Hyosung Heavy Industries
“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.” – Jason Neal, President of Hyosung HICO and Senior Executive VP of HICO America
“This expansion by Hyosung HICO is a powerful example of how strategic partnerships drive progress in Memphis. Through collaboration between public and private sectors, we’re building an advanced manufacturing hub that contributes to global energy innovation. At EDGE, we’re honored to support initiatives that expand our economic footprint and deepen our city's impact on the future of energy.” – Dr. Joann Massey, CEO, EDGE
“Hyosung’s decision to double its production capacity in Shelby County is a testament to the strength of our workforce and the value of investing here. As global demand rises, companies like Hyosung are finding Shelby County the ideal place to innovate, expand and do business. We look forward to the long-term benefits this growth will bring to both our community and economy.” – Shelby County Mayor Lee Harris
“Memphis is proud to be home to Hyosung HICO’s U.S. manufacturing headquarters, and this expansion further underscores our city’s competitive edge in the global energy market. This investment means more high-quality jobs for our residents and continued momentum toward a more resilient and future-ready local economy. We welcome Hyosung’s continued growth and commitment to Memphis.” – Memphis Mayor Paul Young
“TVA and Memphis Light Gas and Water congratulate Hyosung on its decision to expand operations in Shelby County. It’s always an exciting day when we can celebrate a company’s continued commitment to growth in the region. We are proud to partner with the Greater Memphis Chamber and the Tennessee Department of Economic and Community Development to support companies creating jobs and investment in the region, and we celebrate this announcement together.” – John Bradley, TVA senior vice president of economic development
“It is wonderful to see Hyosung’s continued growth and investment in Memphis with a new $51 million expansion. The expansion of their 360,000-square-foot testing facility, creating 123 advanced manufacturing jobs, highlights Memphis’ importance as a hub for innovation. With Memphis’ strategic location, skilled workforce and robust infrastructure, this expansion is another great step toward building greater opportunities for our community.” – Senate Minority Leader Raumesh Akbari (D-Memphis)