View of Hanwha Ocean Geoje Business Site. (Photo=Hanhwa Ocean)

 

[Alpha Biz= Reporter Kim Minyoung] Hanwha Group is set to become the first South Korean company to enter the U.S. shipbuilding industry by acquiring Philly Shipyard for $100 million (approximately 138 billion KRW). This strategic move aims to establish Hanwha's presence in the U.S. defense and shipbuilding sectors.

On the 21st, Hanwha Systems and Hanwha Ocean announced their plan to jointly acquire 100% of the shares in Philly Shipyard, located in Philadelphia, Pennsylvania. Hanwha Ocean will invest $40 million (approximately 55.2 billion KRW) to secure a 40% stake, while Hanwha Systems will invest $60 million (approximately 88.4 billion KRW) to acquire a 60% stake.

The acquisition is expected to be finalized by November 11. Upon completion, Hanwha Group plans to establish a local subsidiary named 'HS USA Holdings' (provisional name) to formally enter the U.S. shipbuilding and defense industries. The specific name and CEO of the new subsidiary will be determined at the time of incorporation.

This acquisition marks a significant milestone for Hanwha Group, expanding its business portfolio and strengthening its position in the global defense and maritime sectors.

 

 

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