WARRENDALE, Pa.--(BUSINESS WIRE)--Mitsubishi Electric Power Products, Inc. (MEPPI) announced today that it entered into an agreement to sell its power transformer factory located in Memphis, TN 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.
MEPPI President and CEO, Brian Heery, stated, “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.”
Heery continued, “Even though MEPPI is no longer manufacturing large power transformers in the United States, we 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.”
Mitsubishi Electric Power Products, Inc.
Headquartered in Warrendale, PA, Mitsubishi Electric Power Products, Inc. serves the North American power systems, rail transportation and water treatment industries with electrical and electronic products, systems and services. Products include gas circuit breakers, vacuum circuit breakers, power transformers, gas insulated substations, power electronics and electricity transmission technologies, generator services, nuclear power plant control systems, uninterruptible power supplies and rail transportation equipment. Information on Mitsubishi Electric Power Products’ complete line of products and services can be found at www.MEPPI.com.