Hyosung HICO, a South Korean power transformer manufacturer, is set to expand its Memphis operations, which is projected to bring an additional 240 jobs to the area. The announcement made on Nov. 12 details a $157 million investment aimed at bolstering the company's U.S. manufacturing headquarters located on 2865 Riverport Road. According to Action News 5, this initiative not only creates new employment opportunities but also plans to increase HICO's manufacturing capacity by 50%.
This move marks the second significant expansion for Hyosung HICO within a span of just six months and further cements its presence in the Memphis industrial landscape. Company officials have expressed their intention to construct a new facility, which will position the Memphis headquarters among the largest domestic power transformer manufacturing operations in the U.S., and the only one currently proposed to manufacture 765kV transformers domestically. Furthermore, this follows on from HICO's previously announced $51 million expansion back in May, as per reports from the Commercial Appeal.
Local and state officials have shown their support for the expansion. Mayor Paul Young highlighted the significance of the investment for Memphis, stating, "This is a city where global innovation meets local talent to create lasting opportunity, and when a world-class company chooses to grow here, it sends a clear message that Memphis is ready." These remarks reaffirmed the sentiment that Memphis's capacity to attract and sustain such growth is historically noteworthy, as reported by Action News 5.
This development signifies a continuing trend of foreign investment and confidence in the Tennessee industrial sector, mirroring a strong bilateral relationship between Tennessee and South Korea. "Hyosung HICO’s $150 million investment and 240 new jobs in Memphis reflect the strength of our economy and our commitment to building strong and lasting international partnerships," Governor Bill Lee told WREG News Channel 3. The company's total investment, now exceeding $300 million since 2019, underscores the strategic importance of Memphis as a hub for manufacturing and energy innovation.
