Hyosung Heavy Industries Corp. (298040.KS), a Korean heavy electrical equipment manufacturer, Friday announced that it will invest $157 million in its Power transformer plant located in Memphis, Tennessee.
This is expected to increase Power transformer production capacity by more than 50 percent by 2028.
As per the company, the Memphis plant is the only facility in the U.S. capable of designing and manufacturing 765kV Power transformers and these transformers are known for significantly reducing transmission losses compared to existing 345kV or 500kV transformers.
Hyosung Heavy Industries has invested a total of $300 million, including the acquisition of the Memphis plant and this latest third-phase expansion. With this additional investment, the Memphis Power transformer plant will hold the largest production capacity in the United States, the company said in a statement.
On Friday, 298040.KS shares closed at 1,962,000 KRW, down 0.81% on the Korea Stock Exchange.
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