Hyundai Electric acquires full stake in U.S. transformer plant

South Korea, Seoul: After the announced investment into Hyundai Power Transformer plant in Alabama, U.S., Hyundai Electric & Energy Systems Co. has now confirmed it has acquired full stake in the transformer plant owned by its sister company, Hyundai Heavy Industries Co.

The factory, which currently employs 300 workers, was established by Hyundai Heavy Industries in 2010, reports Yonhap.

According to an official from Hyundai Electric the acquisition should help the company expand its presence in the U.S., but also effectively prepare for the Washington trade policies.

Source: Yonhap