Hanwha to acquire Philly Shipyard

Hanwha acquires Philly Shipyard

Hanwha Systems and Hanwha Ocean have announced the future acquisition of Philly Shipyard, a prominent shipbuilder in the US.

Hanwha Systems and Hanwha Ocean will invest $100 million to buy Philly Shipyard, furthering their plans to expand their worldwide defence and shipbuilding operations.

Philly Shipyard is a publicly traded corporation owned by Aker ASA, a Norwegian industrial investment firm with interests in energy, green technologies, and marine biotechnology. The company builds vessels in accordance with the Jones Act, a federal legislation that mandates vessels used in domestic trade to be built in US shipyards.

READ: MacGregor obtains cargo handling solution order from Philly Shipyard

Philly Shipyard, which opened in 1997, reportedly provides almost 50 per cent of the largest commercial vessels in the United States, including tankers and container ships, and training vessels for the U.S. Maritime Administration (MARAD).

Sung-Chul Eoh, CEO of Hanwha Systems, said: “The opportunity to collaborate with Philly Shipyard, a significant shipbuilder with a storied history, is an exciting strategic opportunity that will allow Hanwha Systems to deploy its state-of-the-art naval systems and associated technologies in the US market.”

Hyek Woong Kwon, CEO of Hanwha Ocean, stated: “We look forward to leveraging our shipbuilding and manufacturing know-how in continuing the success of Philly Shipyard as it meets the expanding needs of the US for decades to come.”

In March, Hanwha launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine.

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