Hyosung HICO Expands Memphis Plant Again with $157M Investment
Hyosung HICO, Ltd., a subsidiary of South Korea’s Hyosung Heavy Industries, announced plans to invest $157 million and create 240 new jobs as part of a second major expansion at its U.S. manufacturing headquarters in Memphis.
The new facility will increase manufacturing capacity by 50%, making the Memphis plant one of the largest domestic power transformer manufacturing operations in the nation and the only one currently producing 765kV transformers.
This follows a $51 million expansion announced in May 2025, bringing the company’s total U.S. investment to over $300 million since selecting Memphis in 2019.
Tennessee Gov. Bill Lee praised the move, citing the state’s “pro-business climate and skilled workforce,” while Deputy Gov. and TNECD Commissioner Stuart C. McWhorter said the repeat investment highlights Tennessee’s strong international partnerships.
Jason E. Neal, president of Hyosung HICO, said the expansion reflects a shared commitment to innovation, American manufacturing, and the Korea–U.S. partnership.
With South Korea investing more than $7.2 billion in Tennessee since 2019, Hyosung HICO’s continued growth reinforces the state’s role as a hub for energy infrastructure and advanced manufacturing.
Read here our earlier coverage from September.
Source: tnecd.com
