US: Hyosung Heavy Industries Corporation announced 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.
Hyosung Heavy Industries is part of Hyosung Group, which is a $13 B 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.
Source: Finance Yahoo!