Chairman Cho continues to deepen Hyosung's partnership with Quanta as the company expands its presence in the U.S. power market.
SEOUL, South Korea and MEMPHIS, Tenn., June 22, 2026 /PRNewswire/ -- Hyosung Heavy Industries is expanding its U.S. manufacturing footprint through a new joint venture to produce high-voltage circuit breakers in Pennsylvania.
The company announced on June 16 that its subsidiary, Hyosung HICO, has signed an agreement with a subsidiary of Quanta Services, Inc. to establish a gas circuit breaker joint venture, HYOSUNG HICO BREAKER, LLC.
Scheduled for incorporation in July, the joint venture will begin manufacturing high-voltage circuit breakers ranging from 72.5kV to 800kV as early as October. Production will take place at Quanta's existing facility in Canonsburg, Pennsylvania.
Quanta Services is the largest U.S. engineering, procurement, and construction company focused on power and energy infrastructure. The company serves utilities, power generation and energy storage projects, data centers, telecommunications providers, and other energy-sector customers across the United States.
The partnership combines Hyosung's power equipment expertise with Quanta's infrastructure capabilities, supporting the company's broader expansion across the U.S. power market.
With more than 50 years of experience in high-voltage circuit breakers, Hyosung Heavy Industries supplies the equipment to customers in more than 40 countries. Since entering the U.S. market in 2011, the company has expanded its presence through products designed to meet local utility requirements.
The joint venture makes Hyosung Heavy Industries the first South Korean power equipment manufacturer to establish U.S.-based production for both transformers and high-voltage circuit breakers.
Since last year, Chairman Cho has worked to deepen Hyosung's relationship with Quanta as the company expands its U.S. power business. In addition to high-voltage circuit breakers, the two companies have discussed cooperation in advanced power technologies, including direct-current (DC) solutions.
"Our two companies have built a strong partnership through collaboration across a range of projects, from supplying circuit breakers and substation equipment to supporting power transmission and renewable energy integration projects," said Chairman Cho Hyun-joon. "As the rapid growth of AI increases the need for grid upgrades, we will draw on the experience gained from localizing our U.S. operations. Together with this new joint venture, we aim to strengthen Hyosung's position as a total solutions provider in the U.S. power market."
Hyosung Heavy Industries' ultra-high-voltage transformer plant in Memphis, Tennessee, has become a central part of the company's U.S. operations. The company has invested approximately $300 million in the facility, including its acquisition and ongoing expansion. Once the current expansion is complete, the plant is expected to have one of the largest transformer production capacities in the United States.
Earlier this year, Hyosung Heavy Industries secured approximately $540 million power equipment supply contract with a major U.S. transmission grid operator, representing the largest such contract awarded to a South Korean power equipment manufacturer. According to Global Market Insights, the North American circuit breaker market is projected to grow at a compound annual growth rate (CAGR) of 6.7%, increasing from $4.8 billion in 2024 to $9.6 billion by 2034.
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