South Korean company announces plans to add more than 400 jobs in Memphis in coming years

SourceLocal Memphis
Date Published12/13/2019
Author NameBrad Broders
Mentions specific company case(s) of reshoring, kept from offshoring, or transplantYes

Additional Reshoring Information:

Company/Division name HICO America
Parent company Hyosung Heavy Industries (HICO)
Type of work Manufacturing
If manufacturing, is the company a contract manufacturer?Yes
Reshoring category:Foreign Direct Investment
Total number of jobs (added or to be added):400
Year reshoring announced:2019
Capital investment ($):86
Country(ies) from which reshored:Korea, Republic of
City reshored to:Memphis
State(s) reshored to:TN
If relevant, work nearshored to:-
Industry(ies):Electrical Equipment, Appliances & Components
Product(s) reshoredtransformers and AC transmission systems
What domestic positive factors made reshoring more attractive?Eco-system synergies, Government Incentives, Lead time/Time to market, Proximity to customers/market, Under-utilized capacity
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