Hanwha acquires U.S. Philly Shipyard for $100 million
Hanwha Systems and Hanwha Ocean announced the acquisition of Philly Shipyard, a leading U.S. shipbuilder that has delivered approximately half of the large U.S. Jones Act commercial ships in the United States since 2000. Hanwha Systems and Hanwha Ocean will together invest $100 million to acquire Philly Shipyard to further their strategies to expand their global defense and shipbuilding activities.
Philly Shipyard is a public company controlled by Aker ASA, a Norwegian industrial investment company with ownership interests in energy, green technologies, and marine biotechnology. Philly Shipyard produces vessels that are compliant with the Jones Act, a federal law that requires vessels used in domestic trade to be built in U.S. shipyards. Established in 1997, Philly Shipyard supplies around 50% of the largest U.S. commercial vessels, including tankers and container ships. In addition, Philly Shipyard constructs training vessels for the U.S. Maritime Administration (MARAD).
Hanwha has sealed a deal to acquire Philly Shipyard, a U.S. shipbuilder that has delivered approximately half of the large commercial ships under the Jones Act in the U.S. since 2000.
Hanwha Systems is one of the leading defense companies in Korea, developing technologies for unmanned maritime systems, naval radars, and sensors for Manned and Unmanned Teaming (MUM-T) operations. With its cutting-edge marine technology, Hanwha Systems is eager to produce vessels in the commercial market and take advantage of opportunities in the unmanned underwater vehicles (UUVs), Smart Ship, and unmanned surface vehicles (USV) markets. Hanwha Ocean, a world-class shipbuilder pioneering the global marine defense market, has a full suite of low-carbon, high-tech vessels ranging from ammonia and LNG carriers to destroyers, submarines, and frigates.
Hanwha Systems and Hanwha Ocean see this acquisition as part of a long-term investment strategy that will bring best practices and leading technologies to complement existing Philly Shipyard capabilities.
Hanwha Ocean is a leading global company with extensive expertise and experience in the shipbuilding and offshore industry.
