Hyosung HICO Makes Strides in Right to Work Tennessee
Hyosung HICO is investing a total of $51 million in order to expand in Right to Work Memphis, Tennessee. As a result, the company will also create 123 new jobs. So this is exciting news for Shelby County residents!
From Area Development Magazine:
“Today’s expansion of our Memphis transformer facility marks a major milestone in our U.S. growth strategy and underscores our vision to become the #1 domestic supplier of large power transformers by 2027 and the leading supplier of solutions by the end of this decade. Memphis is the foundation of Hyosung HICO’s long-term commitment to U.S. energy infrastructure and our position as a leading supplier of products and solutions. Acquiring the Memphis plant in 2019 remains one of the most pivotal decisions in our company’s history, and this investment reaffirms our commitment to the City of Memphis, the state of Tennessee, our employees, and our utility and industrial partners across North America as we continue to deliver unmatched quality in large power transformers and enhance grid stability for all.” […]
“With access to air, rail and water, Memphis is the ideal location for Hyosung to expand its extra high voltage manufacturing facility. Tennessee continues to be a hub for foreign direct investment, and Hyosung’s continued investment in Memphis is a testament to our international success. We look forward to seeing the company’s continued growth in the years to come.” […]
“Expansions like this are the bread and butter of economic development. […] Many years, up to 75% of our net new jobs come from businesses choosing to grow here.”
To read the previous economic update on Right to Work states, click here.