NEW YORK (CNNMoney.com) -- Korean company Hyundai Heavy Industries will build its first American factory in Alabama, creating about 480 new jobs when it opens next year, Alabama Gov. Bob Riley announced Friday.
"We're seeing positive signs that our economy is rebounding, and this announcement of almost 500 new jobs is certainly one of those signs," Riley said in a statement.
Hyundai will break ground on the $90 million factory, which will manufacture large power transformers, in Montgomery in July.
Not to be confused with the automaker of the same name, Hyundai Heavy Industries is known for its ship building division. Hyundai, the automaker, is a separate Korean company which also opened its first American plant in Montgomery five years ago.
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