Mitsubishi Electric Power Products, Inc (MEPPI) was looking to partner, sell or close its electric transformer manufacturing facility at the Rivergate Industrial Park. Korean manufacturing company, Hyosung Heavy Industries announced that it has big plans for the plant – plans that include saving a number of jobs for workers there. The EDGE board of directors helped encourage the company’s purchase of that facility and related job creation.
Hyosung will hire 131 employees within the first two years with an average base salary of $51,475. This project will generate $9,453,993 in local tax revenues, and Hyosung has committed to more than $4.3 million in MWBE spend. Further, the company plans to hire 410 employees with a total investment of more than $115,000,000 by 2026.
To help make this project reality, EDGE approved an 11-year Jobs PILOT, encouraging the company to retrofit the facility to manufacture Hyosung’s power transformers. If the company achieves its long-term goals, the PILOT will be rescored at the end of 2026 and, if earned, the term will be extended to account for the growth in jobs.
Mayor Strickland, Mayor Harris and Governor Bill Lee all acknowledged the positive outcome for the Mitsubishi plant and the employees who stand to be rehired.