Korean manufacturing company, Hyosung Heavy Industries has big plans for the Mitsubishi Electric plant at the Rivergate Industrial Park – 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 purchase the Mitsubishi Electric Power Products, Inc. (MEPPI) facility and continue manufacturing transformers for the electric power industry.
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 spending. 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 restored 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.