Korea-Based Hyosung Heavy Industries to Locate Manufacturing Center in Memphis, Tennessee
Headquartered in Seoul, South Korea, HICO specializes in manufacturing electrical power equipment such as transformers, switchgear, flexible AC transmission systems and energy storage solutions. The company exports its products to customers around the globe and has established itself as one of the leading manufacturers in the power transformer business for the last 50 years.
HICO will update an existing Memphis facility to increase production capacity and keep up with growing demand. The company will produce technologically advanced state-of-the-art power transformers at its new manufacturing facility in Shelby County and plans to start production by the first half of 2020.
“The future is bright for Memphis and we look forward to working and growing with the local community as we expand in North America. This was a multi-faceted agreement, and we would like to express our gratitude to local and state leaders for their support to bring this agreement to fruition. On behalf of the HICO team, we look forward to continuing to be a part of the Memphis community for years to come,” Takeshi Yokota, CEO of Hyosung Heavy Industries said.
“Our team has been actively working with HICO for more than two years, so today’s announcement is a tremendous win for the state, Memphis and Shelby County. Tennessee continues to see an uptick of foreign-owned companies choosing to locate operations in our state, and I want to thank HICO for continuing this momentum by creating hundreds of jobs in West Tennessee. We look forward to building a lasting partnership in the years ahead,” said TNECD Commissioner Bob Rolfe.
“It is exciting to see high quality jobs in the manufacturing industry in Shelby County. It is great news for Shelby County that HICO will take over this important plant operation. I have met with the leaders of the company and it is clear that they have been successful around the globe. We are excited that they will have a significant investment in Shelby County. Also, this sets us up nicely to attract additional industry that will complement HICO,” Shelby County Mayor Lee Harris explained.
“We are excited to welcome HICO to the Memphis community. It is a testament to the strength of our region that we continue to see global brands make big investment in Memphis. We look forward to HICO’s partnership with the business community to continue to move Memphis forward,” Beverly Robertson, President & CEO of the Greater Memphis Chamber added.
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