Hyosung HICO invests $51 M in Memphis transformer facility
The $51 million investment will add 123 new jobs to Hyosung HICO’s US transformer manufacturing hub in South Memphis, boosting local energy sector capacity.
Image for illustrative purposes
USA, Tennessee, Memphis: South Korean transformer manufacturer Hyosung HICO announced on 14 May 2025, that it will expand operations at its US manufacturing headquarters in South Memphis, Tennessee. The company plans to invest $51 M in its 33,445 m2 (360,000 sq ft), bringing 123 new jobs to Shelby County.
This expansion builds on the company’s US presence established in 2020, when Hyosung HICO opened its first American plant after acquiring the site from Mitsubishi Electric in 2019. The facility sits on an 80-ha (200-acre) plot near the Mississippi River and currently employs around 400 people.
Hyosung HICO, a subsidiary of Hyosung Heavy Industries, produces a range of electrical power equipment including transformers, switchgears, energy storage systems, and smart grid technologies. The Memphis plant has already contributed to Tennessee’s solar energy sector, supplying transformers for projects by Silicon Ranch.
The Memphis and Shelby County EDGE board had previously approved $10 M in tax incentives, while a $5 M state grant supported the 2019 deal.
CEO Taehee Woo emphasized the company’s commitment to the U.S. market, stating that success in North America is key to global competitiveness. The expansion aligns with Hyosung’s ambition to become the leading transformer supplier in the U.S. by 2027.
Source: Tennessee Lookout
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