MEMPHIS, Tenn.-- South Korea’s major power system and machinery conglomerate Hyosung Heavy Industries Corp.plans to nearly double its annual transformer output in the US to over 250 units in two years, gearing up for a surge in transformer demand during the artificial intelligence boom.Hyosung HICO Ltd., Hyosung Heavy Industries’ transformer-manufacturing operation in the US, plans to ramp up the annual transformer production capacity of its plant in Memphis, Tennessee, to more than 250 units from the current 130 before 2027.
Encouraged by the rosy outlook, Hyosung's cross-town rival HD Hyundai Electric Co.also announced a plan earlier this year to invest about half of its 2024 operating profit, estimated at 720 billion won, to bump up its transformer output at its US plant in Alabama to 150 units a year from the current 100.
Backed by the strong demand for transformers, Hyosung plans to transform its Memphis plant into a place where it can produce not only transformers but also other power equipment such as industrial circuit breakers and static synchronous compensators (statcom) to beef up profitability, the company said.
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