Hyosung Heavy Industries (HICO) will locate its first U.S. production operations in Memphis, TN. The Seoul, South Korea-based company will invest $86.9 million and create 410 jobs in Shelby County over the next seven years.
“The future is bright for Memphis and we look forward to working and growing with the local community as we expand in North America,” said Takeshi Yokota, CEO of Hyosung Heavy Industries. “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.”
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 is a welcome addition to our steadily growing manufacturing sector in Tennessee,” said Governor Bill Lee. “I appreciate HICO for creating more than 400 manufacturing jobs in Memphis and Shelby County and look forward to seeing this company’s continued success in our state.”
Tennessee is home to more than 1,000 foreign-owned establishments that employ approximately 150,000 Tennesseans. Korea is among the top 10 countries for foreign investment in Tennessee, with Korean companies investing over $400 million in Tennessee since 2015.
“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,” said Tennessee Department of Economic and Community Development (TNECD) Commissioner Bob Rolfe. “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.”
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.
“We are excited to welcome HICO to the Memphis community,” said Beverly Robertson, President & CEO of the Greater Memphis Chamber. “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.”
Since 2015, TNECD has supported nearly 80 projects in Shelby County, resulting in the creation of more than 11,000 jobs and approximately $4 billion in capital investment.
Want to learn more about Tennessee corporate expansion?
Considering Tennessee for your company’s relocation or expansion project? Check out all the latest news related to Tennessee economic development, corporate relocation, corporate expansion and site selection.