South Korean defense electronics company Hanwha Systems and shipbuilder Hanwha Ocean have announced an investment of $100 million to acquire Philly Shipyard, a U.S. shipbuilder currently controlled by industrial investment company Aker ASA.
"After two decades of stewardship, it is with great honor that we transition the ownership from Aker to Hanwha,” says Kristian Røkke, chairman of Philly Shipyard ASA. “Recognized as a global leader, Hanwha brings a wealth of sophisticated shipbuilding experience that will enable Philly Shipyard to realize a grander vision for its employees and customers.”
Founded in 1997, Philly Shipyard makes ships compliant with the Jones Act, including product tankers and container vessels. With this acquisition, Hanwha looks to deploy its naval systems and technologies in the U.S. market and complement Philly Shipyard’s current capabilities.
"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 U.S. for decades to come," says Hanwha Ocean CEO Hyek-woong Kwon.
