jobs

Korean power equipment maker buys Mitsubishi transformer plant in Memphis

Gov. Bill Lee speaks at an announcement that Korean electric power equipment maker HICO will buy a transformer plant in Memphis on Dec. 13, 2019. (Photo: Gov. Bill Lee’s office)

Korean electric power equipment maker Hyosung Heavy Industries is buying a Memphis transformer plant from Mitsubishi, which had planned to shutter the facility and lay off 160 workers. The HICO deal involves an $87 million investment and the creation of 410 jobs over the next seven years.

Here’s the release from state Department of Economic and Community Development:

MEMPHIS, Tenn. – Tennessee Governor Bill Lee, Department of Economic and Community Development Commissioner Bob Rolfe and Hyosung Heavy Industries (HICO) officials announced today that the company will locate its first U.S. production operations in Memphis.

HICO will invest $86.9 million and create 410 jobs in Shelby County over the next seven years.

Headquartered in Seoul, South Korea, HICO specializes in manufacturing electrical power equipment such as transformers, switchgear, flexible AC transmission systems and energy storage solutions. The company exports its products to customers around the globe and has established itself as one of the leading manufacturers in the power transformer business for the last 50 years.

Tennessee is home to more than 1,000 foreign-owned establishments that employ approximately 150,000 Tennesseans. Korea is among the top 10 countries for foreign investment in Tennessee, with Korean companies investing over $400 million in Tennessee since 2015.

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SmileDirectClub announces 2,000 jobs in Nashville

Gov. Bill Lee announces a 2,000-job expansion by clear teeth aligner SmileDirectClub in Nashville on March 20, 2019. (Erik Schelzig, Tennessee Journal)

Gov. Bill Lee has announced clear teeth aligner SmileDirectClub will add more than 2,000 jobs in Nashville over the next five years. The new positions will be spread between the company’s downtown headquarters and other facilities in the Antioch community in southeast Davidson County.

There was no immediate word on the level of incentives offered to the company, which is spending $217 million on the expansion.

Here’s the full release from the Lee administration:

NASHVILLE, Tenn. – Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Bob Rolfe and SmileDirectClub officials announced today the company will invest $217 million to expand its headquarters and facilities in Middle Tennessee.

SmileDirectClub, the market leader and pioneer of doctor-directed, remote invisible aligner therapy, will create 2,010 new jobs in Nashville and Antioch over the next five years.

This is SmileDirectClub’s second expansion in Middle Tennessee in two years. In February 2017, the company announced a $4.5 million expansion across two Davidson County locations, which supported the creation of nearly 450 new jobs. Currently, SmileDirectClub employs more than 1,600 people in the Nashville area.

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