Hanwha Group announced on the 20th that it has completed the acquisition of Philly Shipyard in Philadelphia, USA. This is the first case of a domestic corporation acquiring a U.S. shipyard.
After entering into a main contract to acquire 100% equity of Philly Shipyard from Norway's Aker on June 20, Hanwha Group finalized the acquisition process in six months. Hanwha Systems holds 60% of the equity, while Hanwha Ocean owns 40%. The total acquisition amount is $100 million.
The acquisition of Philly Shipyard by Hanwha Group was carried out with the support of the U.S. government. Hanwha Group noted, "There were expectations from the U.S. government that it would contribute to revitalizing the U.S. shipbuilding and defense industry," adding, "Through the acquisition of Philly Shipyard, we have secured a strategic base in the North American shipbuilding and defense market."
Hanwha Group plans to utilize Philly Shipyard as a base for the U.S. Navy's maintenance, repair, and overhaul (MRO) business. Currently, the U.S. Navy is facing issues with insufficient ship production facilities. Hanwha Ocean is expected to achieve revenue diversification and global influence in the North American maritime defense market, the company stated.