Hyosung HICO, Ltd. announced November 12, 2025, that it will invest an additional $157 million to expand its U.S. manufacturing headquarters in Memphis, Tennessee, creating 240 new jobs. The expansion, announced by Tennessee Gov. Bill Lee, Deputy Gov. and TNECD Commissioner Stuart C. McWhorter, and Hyosung HICO officials, will include construction of a new facility at the Memphis site. It is the company’s third expansion at the location and its second in six months, following a $51 million expansion announced in May 2025.
What it means
Upon completion, the new facility will increase Hyosung HICO’s manufacturing capacity at Memphis by 50%, according to the company. The Memphis plant is described as one of the largest domestic power transformer manufacturing operations in the United States and is currently the only facility in the country dedicated to manufacturing 765kV transformers. Hyosung HICO said its total investment at the Memphis site has exceeded $300 million since it selected the location for its U.S. production headquarters in 2019. The company also said it fulfilled a prior commitment of 410 jobs to Tennessee two years ahead of schedule.
Takeshi Yokota, president of power system PU at Hyosung Heavy Industries, said in the announcement that “a reliable and efficient power grid is the backbone of a nation’s competitiveness” and that the company takes “immense pride in contributing to this vision as a key manufacturer of critical power infrastructure right here in Tennessee.” The announcement followed Gov. Lee’s and Commissioner McWhorter’s international recruiting trip to Asia. South Korea has invested $7.2 billion in Tennessee in jobs and capital investment since 2019, according to TNECD.
Key facts
- $157 million — additional investment in Memphis expansion, announced November 12, 2025
- 240 — new jobs to be created at the Memphis facility
- 50% — additional manufacturing capacity increase upon completion of new plant (according to the company)
- 765kV — transformer voltage rating; Memphis plant is the only U.S. facility currently dedicated to manufacturing this type
- $300 million — Hyosung HICO’s total investment at the Memphis plant since 2019 (according to the company)
- $51 million — prior Hyosung HICO expansion at Memphis, announced May 2025
- 410 — jobs previously committed to Tennessee; fulfilled two years ahead of schedule, according to the company
- $7.2 billion — South Korea’s total foreign direct investment in Tennessee in jobs and capital since 2019, per TNECD
- 2001 — year HICO America subsidiary was established
Source: Tennessee Department of Economic and Community Development news release (tnecd.com)