Hyosung HICO Announces $157 Million Expansion, 240 New Jobs in Memphis

Major Investment Boosts Memphis Manufacturing

Memphis, Tennessee – Hyosung HICO, Ltd., a leading South Korean power transformer manufacturer, announced on Wednesday, November 12, 2025, a significant expansion of its U.S. manufacturing headquarters in Memphis. The company plans an additional investment of $157 million, projected to create 240 new jobs in the region. This latest expansion follows a $51 million investment announced in May 2025, which added 123 jobs, bringing Hyosung HICO's total investment in its Memphis plant to over $300 million since 2019.

Enhanced Production Capacity and Strategic Importance

The $157 million expansion will increase Hyosung HICO's manufacturing capacity by an additional 50%, solidifying its position as one of the largest domestic power transformer manufacturing operations in the United States. Crucially, the facility will become the only one in the U.S. dedicated to manufacturing 765kV transformers, which are vital for high-voltage transmission over long distances. The Memphis plant, located at 2865 Riverport Road on a 200-acre site, currently spans approximately 360,000 square feet. This growth is seen as a key driver in domestic grid modernization and supports the increasing demand for power from sectors like data centers, artificial intelligence, and renewable energy.

Economic Impact and Official Endorsements

Officials from both the company and local government have lauded the expansion's economic benefits. Ted Townsend, President and CEO of the Greater Memphis Chamber, stated, 'Hyosung HICO's expansion reinforces Memphis's position as a hub for advanced manufacturing and sustainable energy solutions. This investment will create quality jobs for our residents and strengthen our regional economy.' He added, 'What we've witnessed here is a perfect example of what makes Memphis GREATER – a place where global innovation meets strategic advantage. We're committed to supporting Hyosung HICO's success for years to come.'

Jason E. Neal, president of Hyosung HICO and senior executive VP of HICO America, emphasized the collaborative success, saying, 'This additional expansion reflects our shared success with the State of Tennessee and the partnership between our U.S. operations and our headquarters in South Korea.' Takeshi Yokota, president of power system PU, Hyosung Heavy Industries, highlighted the broader implications: 'A reliable and efficient power grid is the backbone of a nation's competitiveness, and in this era of rapid digital transformation, it also serves as the cornerstone of the AI industry and many other key industries.' The announcement comes shortly after an international recruiting trip to Asia by Tennessee Governor Bill Lee and Deputy Governor and Commissioner Stuart C. McWhorter, underscoring the strong relationship between Tennessee and South Korea, which has seen $7.2 billion in foreign direct investment since 2019.

Hyosung HICO's Commitment to the U.S. Market

A subsidiary of Hyosung Heavy Industries, Hyosung HICO established its first U.S. production facility in Memphis in 2019. The company is ISO 9001-2015 certified and is dedicated to strengthening the American power grid through local manufacturing and job creation. The new jobs are described as 'high-quality, high-paying,' further contributing to the local economy. This expansion underscores Hyosung HICO's ambition to become the leading transformer supplier in the U.S. by 2027.