MEMPHIS, Tenn. — The manufacturing company in Memphis, Hyosung HICO, announced it will be expanding its operations for the second time Wednesday morning.
The South Korean power transformer manufacturer announced back in May that it is expanding its operations in Memphis, investing $150 million in the city and creating 240 new jobs. The new plant is also said to expand its manufacturing capacity by an additional 50%.
The company said that since selecting Memphis for its U.S. production facility in 2019, it has become a cornerstone of Hyosung’s North American presence and a key driver in domestic grid modernization.
“Tennessee’s pro-business climate, low taxes and highly skilled workforce make our state a top destination for global companies. 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. We look forward to supporting this company’s continued growth and creating more opportunities for Tennesseans,” Governor Bill Lee stated…