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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