A South Korean company is investing $51 million in Memphis to expand its operations, resulting in the creation of more than 100 new jobs.
On Wednesday, Hyosung HICO, Ltd. declared that it would create 123 new jobs in Shelby County by growing its activities at its transformer manufacturing site.
One of the top manufacturers of power transformers in the United States is Hyosung HICO, a division of South Korean Hyosung Heavy Industries.
The company stated in 2019 that Memphis would serve as its first production site in the United States.
In a public statement, MLGW CEO Doug McGowen said, “The Memphians are rising to the challenge of our nation, and our local community. I also want to appreciate that HICO is doubling down in Memphis to meet what is the critical path item for our nation. If we don’t have power transformers, this nation’s economy is not going to go.”
