Hyosung Heavy Industries is expected to take over the Mitsubishi Electric factory, officials announced during a press conference Friday.
The Korean company manufactures transformers. This is the company's first entry into the United States.
Hyosung expects to invest $86.9 million and create 410 jobs in Shelby County over the next seven years.
Hyosung is under contract to buy the Mitsubishi Electric at Rivergate Industrial Park. Mitsubishi Electric announced last month it was negotiating the sale of its Memphis plant.
"There could have been a much different outcome for this piece of property, but that's the Memphis story," Memphis Mayor Jim Strickland said. He went on to say that Memphis always finds a way to bring economic develop and that "Memphis is open for business."
This story will be updated.
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December 13, 2019 at 10:42PM
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Hyosung Heavy Industries to buy Mitsubishi Electric site in Memphis, create 410 jobs - Commercial Appeal
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