MEMPHIS, Tenn. – Wednesday, November 12, 2025 – The Greater Memphis Chamber is proud to announce that Hyosung HICO, Ltd. will expand operations at its U.S. manufacturing headquarters in Memphis, Tennessee, investing an additional $157 million and creating 240 new jobs.

This expansion will increase Hyosung HICO’s manufacturing capacity by an additional 50%, making the facility one of the largest domestic power transformer manufacturing operations in the U.S. and the only facility currently dedicated to manufacturing 765kV transformers domestically.

Today’s announcement follows Hyosung HICO’s $51 million expansion announced in May and comes days after Gov. Lee’s and Deputy Gov. and Commissioner McWhorter’s international recruiting trip to Asia. With the company’s total investment of over $300 million since 2019 at the Memphis plant, this project further strengthens the longstanding relationship between Tennessee and South Korea.

“Hyosung HICO’s expansion reinforces Memphis’s position as a hub for advanced manufacturing and sustainable energy solutions,” said Ted Townsend, President and CEO of the Greater Memphis Chamber. “This investment will create quality jobs for our residents and strengthen our regional economy. 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.”

Subsidiary to South Korean Hyosung Heavy Industries, Hyosung HICO is a leading U.S. producer of large power transformers, critical components that ensure a secure and reliable electric grid. Since selecting Memphis for its U.S. production facility in 2019, the company has become a cornerstone of Hyosung’s North American presence and a key driver in domestic grid modernization.

“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,” said Jason E. Neal, president of Hyosung HICO and senior executive VP of HICO America. “Together, we’ve built more than a manufacturing facility; we’ve built opportunity. Our employees are the quiet force behind the economic growth that defines Memphis and the broader ‘Digital Delta’, helping us become the leading domestic manufacturer of power transformers.”

“I am very glad that we have fulfilled our commitment of 410 jobs to Tennessee two years ahead of schedule and are now embarking on our third expansion,” said Takeshi Yokota, president of power system PU, Hyosung Heavy Industries. “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.”

This announcement also demonstrates the power of collaboration between the private sector and government at all levels. When local, county, state, and federal partners work together alongside the business community, they create an environment where companies can grow and thrive.

About Hyosung Heavy Industries

Hyosung Heavy Industries is a global leader in heavy electrical equipment, specializing in advanced power transformers, shunt reactors, high- and medium-voltage gas-insulated substations, FACTS and DC solutions, and Smart Grid technologies. With a strong focus on the extra high voltage solutions and next-generation power infrastructure, Hyosung delivers high-performance solutions to customers across North America and worldwide. The company is committed to grid modernization, low-carbon innovation, and investing in technologies that enable reliable, sustainable power systems.

About Hyosung HICO, Ltd

Hyosung HICO, Ltd. is a U.S.-based manufacturer of large power transformers, serving utility and industrial customers across North America. Since proudly establishing its first domestic production facility in Memphis, Tennessee, in 2019, the company has remained committed to strengthening the American power grid and communities through local manufacturing, job creation, and reliable energy infrastructure solutions.

About the Greater Memphis Chamber

One of Memphis’ oldest institutions, dating back to 1838, the Greater Memphis Chamber is a privately funded nonprofit that serves as the region’s lead economic development organization and the “Voice of Memphis Business” on local, state, and national issues. The Chamber’s mission is to drive the Memphis business agenda for Greater Memphis. We do this by relentlessly pursuing prosperity for all — through economic and workforce development, pro-growth advocacy, and by providing support and resources to its investors, which include many of the region’s largest employers.