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Hyosung HEICO to invest $51 million in Memphis expansion, add 23 jobs
Summary
A speaker at a Memphis announcement said Hyosung HEICO will invest $51 million to expand local transformer production and add 23 jobs, a move the speaker tied to rising demand for power transmission; the mayor was present.
Hyosung HEICO will invest $51 million to expand its Memphis operations and add 23 jobs, a staff member said at a public announcement in Memphis.
The staff member said the expansion will allow the company to become “the largest domestic producer of transformers, in right here in North America,” and that the project responds to rising demand for power and power transmission. “They're hiring more people. They're employing Memphians right now,” the staff member said.
The speaker said Hyosung HEICO already produces in the area and is increasing capacity through the new investment. The staff member added that the mayor attended the announcement.
No funding sources, timeline for completion, or formal incentives were specified in the remarks. The announcement was presented as an economic development update rather than an actionable item before a board or council; no motions or votes were recorded during the quoted remarks.
Further details about the project scope, workforce hiring timeline and any public incentives were not specified during the remarks.
