Hyundai Electric & Energy Systems Co. said Sunday it has acquired a transformer plant in the U.S.
owned by its sister company, Hyundai Heavy Industries Co., seeking to tap deeper into the North American market and brace for potential trade barriers.
Hyundai Electric said it has purchased a full stake in the plant in Alabama for 30.9 billion won ($28.9 million). The factory, which currently employs 300 workers, was established by Hyundai Heavy Industries in 2010.
The plant has annual production capacity of 14,000MVA, which translates into 80 transformers.
(Hyundai Electric & Energy Systems Co.)
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