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Area Development - Site Selection, Facility Planning and Workforce Development

South Korea-Based Hyosung HICO Expands Memphis, Tennessee, Transformer Manufacturing Operations

05/16/2025
South Korea-based Hyosung HICO, Ltd., a producer of large power transformers, plans to expand its operations in Memphis, Tennessee. The $51 million project is expected to create 123 jobs in Shelby County.

The investment will include the construction of an 18,000-square-foot testing facility at the company’s existing U.S. manufacturing headquarters located on Riverport Road.

“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 said.

“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 noted.

“Expansions like this are the bread and butter of economic development,” added Gwyn Fisher, Chief Economic Development Officer at the Greater Memphis Chamber. “Many years, up to 75% of our net new jobs come from businesses choosing to grow here.”

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