Hyosung Heavy Industries Corporation known as HICO to Begin U.S. Transformer Production with Acquisition of Transformer Factory in Memphis, Tennessee
MEMPHIS, TENN., December 13, 2019 – Hyosung Heavy Industries Corporation, known as HICO America in the U.S., announced today they have entered into an agreement with Mitsubishi Electric Power Products Inc. (MEPPI) to acquire MEPPI’s transformer factory in Memphis, Tennessee. The transaction is slated to close in the first quarter of 2020 contingent on regulatory review.
HICO plans to produce technologically advanced state-of-the-art power transformers at a much higher volume with wider distribution and application than the products previously produced at this facility. HICO has committed to hiring many of the current MEPPI Memphis facility employees and is slated to start production in the first half of 2020.
Takeshi Yokota, CEO of Hyosung Heavy Industries, recently expressed his and the company’s excitement at the thought of joining the Memphis community, “The future is bright for Memphis and we look forward to working and growing with the local community as we expand in North America.” Yokota continued, “This was a multi-faceted agreement, and we would like to express our gratitude to local and state leaders for their support to bring this agreement to fruition. On behalf of the HICO team, we look forward to working with the existing MEPPI employees, adding additional resources and continuing to be a part of the Memphis community for years to come.”
Hyosung Heavy Industries is part of Hyosung Group, which is a $13 billion conglomerate headquartered in Seoul, South Korea. Over the last 50 years, Hyosung Heavy Industries has established itself as a leader in the global power transformer business. HICO America, the company’s U.S. based subsidiary has supported its customers and partners through the supply of power transformers and other electricity transmission and distribution solutions to major utility companies for the last 20 years.
PHOTOS: Hi-res available at this link: https://www.dropbox.com/sh/0q5qqxby7itly5m/AAAjUy2TsKUuirYc-7SLacpKa?dl=0
Left to right: Beverly Robertson, President and CEO of the Memphis Regional Chamber; Memphis Mayor Jim Strickland; Shelby County Mayor, Lee Harris; Tennessee Governor, Bill Lee; Sunghoon Ahn, Vice President, Hyosung Heavy Industries Corporation; TNECD Commissioner, Bob Rolfe
ABOUT HICO America:
HICO America, with headquarters in Pittsburgh Pennsylvania and facilities in Los Angeles, CA and Greensburg, PA, is the U.S. affiliate of the Hyosung Heavy Industries Corporation based in Seoul, South Korea.
HICO is an industry leader in supplying power equipment, solutions and services to its partners across North America. HICO has built its reputation in the electric power industry as a world class supplier of power transformers, shunt reactors, medium voltage and high voltage gas-insulated switchgear. HICO supplies other industry leading products and offerings including battery energy storage solutions and FACTS devices including static synchronous compensators (STATCOM). HICO’s foundation is built on having the most innovative technology with best-in-class quality and great customer service. HICO is committed to serving the North America market by contributing to customer success with the high-quality products and solutions we deliver. For more information visit: http://www.hicoamerica.com/
ABOUT HYOSUNG HEAVY INDUSTRIES:
Boasting the world’s foremost technology in the field of heavy electrical equipment, which makes up the core of industrial energy, Hyosung Heavy Industries exports its products to many corners of the world, including North America, the Middle East, and Europe. The company is deemed highly valuable not only in the area of electrical power equipment such as transformers and circuit breakers but also in electric motors and gears. In addition, we possess core technologies necessary for building the future electricity grid, including Energy Storage Systems (ESS), STATCOM, and Smart Grid, and based on them, we are determined to lead the era of low-carbon green life.
Hyosung Heavy Industries is engaged in various areas of construction, including the areas of housing, redevelopment and reconstruction, business and commercial facilities, civil engineering and environment, and social overhead capital. Through constant research and investment, Hyosung Heavy Industries practices environmentally friendly management whereby humanity and nature can coexist. For more information visit: www.hyosungheavyindustries.com.
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