© ljupco smokovski dreamstime.com Electronics Production | December 16, 2019
Mitsubishi Electric Power Products to sell its Memphis factory
Mitsubishi Electric Power Products, Inc. (MEPPI) has entered into an agreement to sell its power transformer factory located in Memphis, Tennessee to Hyosung Heavy Industries, known for the HICO brand in the United States.
The agreement is expected to close in the first quarter of 2020, subject to review and approval. “When searching for a potential buyer for the Memphis factory, we engaged in a thorough process, considering many options. Our goal was to find a buyer who could better utilize our modern facility, offer continued employment to our employees and contribute to the Memphis community,” says MEPPI President and CEO, Brian Heery, in a press release. Heery continues saying that even though the company is no longer manufacturing large power transformers in the United States, MEPPI remain committed to the North American Power Systems market and our customers. “We will continue to supply power transformers into North America from our factory located in Ako, Japan. In addition, we remain committed to providing services to our customers in support of our installed base of power transformers,” Heery says.