For the second time in six months, a leading South Korean manufacturer has announced significant growth plans for its Memphis operations. Hyosung HICO Ltd., a subsidiary of Hyosung Heavy Industries Corp., revealed on Wednesday, Nov. 12, that it will invest $157 million and create 240 new jobs as part of a large-scale expansion at its U.S. headquarters near the Port of Memphis.
This new development includes the construction of an additional facility that will increase Hyosung’s manufacturing capacity by 50%. Once complete, the Memphis site will become one of the largest domestic power transformer manufacturing operations in the country—and remains the only U.S. plant capable of producing 765,000-kilovolt transformers.
The announcement follows a recent international recruiting trip to Asia by Gov. Bill Lee and Tennessee Department of Economic & Community Development (TNECD) commissioner and deputy governor Stuart McWhorter.
When companies choose Tennessee, it’s a clear testament to our strong business climate and leadership in innovation,” McWhorter said. “When they choose us again, it underscores the lasting partnerships we’ve built through international engagement — and our commitment to advancing critical industries like power.
This marks Hyosung’s second expansion announcement this year. In May, the company committed to a $51 million investment and 123 new jobs. Since acquiring the facility from Mitsubishi Electric Power Products in 2019—at a time when it was nearly set to close—Hyosung has now invested over $300 million into the Memphis plant.
The company’s continued growth places it ahead of its original 2019 commitments to bring $86.9 million in investment and 410 jobs by 2027. Its work in the essential large power transformer sector also comes at a critical time for national energy infrastructure.
Memphis Mayor Paul Young applauded the announcement, emphasizing its alignment with the city’s economic vision.
“The continued investment from HICO represents exactly what we envision for Memphis, because we are a city where global innovation meets local talent,” Young said. “Hyosung HICO’s decision to grow here shows confidence in our workforce and infrastructure, as well as a shared vision for inclusive economic growth.”
