Mitsubishi Electric sells Tennessee transformer plant to Hyosung
Tokyo, Japan - Mitsubishi Electric Corp. confirmed it will stop producing large power transformers in the United States in February 2020, reports Nippon.com.
Mitsubishi Electric will sell its power transformer factory in Tennessee to South Korean manufacturer Hyosung Heavy Industries Corp. for some $46 million (5 billion yen).
The move reflects a shift in demand to midsize power transformers and the increased use of renewable energy, the Japanese company said.
The sale of the plant is expected to be completed around mid-February next year.
After the sale, Mitsubishi Electric will export large power transformers to the United States from its factory in Ako, in the western Japan prefecture of Hyogo.
Source: Nippon
