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HYOSUNG HEAVY INDUSTRIES CORPORATION

Summary

HYOSUNG HEAVY INDUSTRIES CORPORATION received a $5,000,000 grant from the Tennessee FastTrack Economic Development Fund. The Tennessee FastTrack Economic Development Fund provides additional grant support for companies expanding or locating in Tennessee with reimbursable grants made to local industrial development boards. EDGE acted as a conduit for the grant.

Founded in 1962 and headquartered in Seoul, South Korea, Hyosung Heavy Industries is a public company engaged in electrical power equipment and industrial machinery. The company has revenues of $1.8 billion and operates in five countries. Hyosung is a leading provider of heavy electrical power equipment.

The grant is part of an incentive package to encourage Hyosung Heavy Industries Corporation to create 131 Net New Jobs and invest $102,972,646 in the City of Memphis at 2865 Riverport Road.

Financing Amount:

$5,000,000

Projected Total Jobs:

131

Total Investment:

$102,972,646

Approved

2/14/2020

HYOSUNG HEAVY INDUSTRIES CORPORATION

2865 Riverport Road, Memphis, TN 38109