Hyosung Heavy Industries Corporation known as HICO to Begin U.S. Transformer Production with Acquisition of Transformer Factory in Memphis, Tennessee
MEMPHIS, Tenn., Dec. 13, 2019 /PRNewswire-PRWeb/ -- 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.
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SOURCE Hyosung Heavy Industries
