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Area Development - Site Selection, Facility Planning and Workforce Development

South Korean-Based Hyosung HICO Expands Memphis, Tennessee, Manufacturing Operations

11/15/2025
South Korean-based Hyosung HICO, Ltd., a manufacturer of large power transformers and other heavy electrical equipment, plans to expand its manufacturing operations in Memphis, Tennessee. The $157 million project is expected to create 240 jobs.

The investment will include the construction of a new power transformer facility at the company’s existing U.S. manufacturing headquarters.

“This additional expansion reflects our shared success with the State of Tennessee and the partnership between our U.S. operations and our headquarters in South Korea. Together, we’ve built more than a manufacturing facility; we’ve built opportunity. Our employees are the quiet force behind the economic growth that defines Memphis and the broader ‘Digital Delta’, helping us become the leading domestic manufacturer of power transformers. As we expand our business, including 765kV solutions, transformers, switchgear and DC solutions, we remain committed to advancing American manufacturing, strengthening our community and honoring the Korea-America collaboration that fuels our success,” Jason E. Neal, president of Hyosung HICO and senior executive Vice President of HICO America said.

Hyosung HICO, Ltd., a subsidiary of South Korea-based conglomerate Hyosung Heavy Industries, specializes in manufacturing critical components for the electric grid, including large power transformers, shunt reactors, phase shifters, and high-voltage substations.

“When companies choose Tennessee, it’s a clear testament to our strong business climate and leadership in innovation. When they choose us again, it underscores the lasting partnerships we’ve built through international engagement – and important to today’s announcement – our commitment to advancing critical industries like power. I’m grateful to Hyosung HICO’s leadership for their continued trust in our state and remain committed to supporting their success,” Deputy Governor and TNECD Commissioner Stuart C. McWhorter noted.

“Hyosung HICO’s expansion reinforces Memphis’s position as a hub for advanced manufacturing and sustainable energy solutions,” added Ted Townsend, President and CEO of the Greater Memphis Chamber. “This investment will create quality jobs for our residents and strengthen our regional economy. What we’ve witnessed here is a perfect example of what makes Memphis GREATER – a place where global innovation meets strategic advantage. We’re committed to supporting Hyosung HICO’s success for years to come.”

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