Hyosung HICO Announces Expansion in Memphis, Tennessee
November 24, 2025
Hyosung HICO, a global power transformer manufacturer, announced plans to expand operations in Memphis, Tennessee. Plans for the project include creating 240 new jobs and investing more than $150 million as the company constructs a new facility at its U.S. headquarters, marking the second expansion project at the facility in six months. Upon completion, the new facility will be one of the largest domestic power transformer manufacturing operations in the country. Economic development partners include MLGW, the Tennessee Department of Economic and Community Development, the Greater Memphis Chamber, and Memphis Shelby County EDGE. This project furthers TVA’s mission of service to help improve the quality of life for the people of the Valley.