Hyosung Heavy Industries plans to locate its first US production facility in Memphis, Tennessee

Hyosung Heavy Industries (HICO), a Korea-based electrical power equipment manufacturer, announced plans to locate its first US production facility in Memphis, Tennessee. Plans for the project include the creation of 410 new jobs and $86.9 million in capital investment, and expected load growth of 2.1 MW, to increase the company’s global footprint. Economic development partners include Memphis Light Gas and Water, Greater Memphis Chamber, City of Memphis, Shelby County, Memphis Shelby County EDGE, and Tennessee Department of Economic and Community Development.