Hyosung Announces $156 Million Expansion in Memphis, Says It Will Add About 240 Jobs
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Summary
An official reading from the meeting transcript said Hyosung announced a $156,000,000 capital expansion of a Memphis transformer plant that the speaker said would create about 240 high‑paying jobs; the speaker credited international outreach and local relationships for the decision.
An official identified only by the transcript label S1 announced that Hyosung is expanding a transformer plant in Memphis with a capital investment described in the transcript as $156,000,000 and an estimated 240 new jobs. The speaker said the company held a ground‑breaking celebration in Shelby County.
The speaker emphasized the local economic significance, calling the jobs "high paying" and noting strong demand for transformers as a reason for the expansion. "It's 240 new jobs, high paying jobs," the speaker said, and added that the project represents both capital investment and an expansion of an existing manufacturing operation.
S1 credited recent international outreach for helping land the project. "We were in Asia a few weeks ago and we met the governor and I met with the chairman of HEICO," the speaker said; the transcript alternately refers to "HICO" and "HEICO" when naming the company executives. The speaker said those meetings and the relationships built with company leaders helped persuade the firm to invest in Memphis rather than another location.
The announcement did not specify incentives, project timeline, precise wage levels, or the identities of the governor or company chair beyond the names as recorded in the transcript. Details about permits, tax incentives, or a construction schedule were not provided in the transcript.
The speaker closed by expressing optimism about additional projects in Memphis and West Tennessee. No formal motions, votes, or binding local approvals were recorded in the transcript of this announcement.