Hanwha completes US$100 mln acquisition of Philly Shipyard of U.S.

South Korea’s Hanwha Group has made a significant move in the maritime industry by acquiring Philly Shipyard for $100 million. This acquisition marks a strategic expansion for Hanwha, a conglomerate known for its diverse business interests. The deal was finalized on Friday, following a contract signing with Norway’s Aker ASA, the parent company of Philly Shipyard, six months prior. The acquisition is a joint effort by Hanwha Ocean Co. and Hanwha Systems Co., both of which are subsidiaries of the Hanwha Group.

A New Chapter for Philly Shipyard

Philly Shipyard, established in 1997, is located on the site of a former U.S. Navy shipyard in Philadelphia. With this acquisition, the shipyard has been rebranded as Hanwha Philly Shipyard. The facility specializes in constructing coastal transport vessels and has a strong reputation in the industry. Approximately 50 percent of large commercial vessels built by the shipyard comply with the U.S. Jones Act, which mandates that goods transported between U.S. ports must be carried on U.S.-built ships. This includes a range of vessels such as petrochemical carriers and container ships.

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The shipyard has also demonstrated its capabilities through various projects, including the construction of multipurpose training ships for the U.S. Maritime Administration. This experience positions Hanwha Philly Shipyard as a key player in both commercial and government projects. The acquisition not only enhances Hanwha’s portfolio but also strengthens the U.S. shipbuilding sector, which is vital for national security and economic stability.

Future Plans and Job Creation

Following the acquisition, Hanwha Group has ambitious plans for the newly named Hanwha Philly Shipyard. The company aims to create a significant number of local jobs, which will contribute to the economic growth of the Philadelphia area. By expanding the shipyard’s capabilities, Hanwha intends to tap into new markets and increase production capacity. This move aligns with the group’s broader strategy to diversify its business and enhance its global presence.

Hanwha’s investment in Philly Shipyard is expected to bring innovation and modernization to the facility. The company plans to implement advanced technologies and improve operational efficiencies. This will not only benefit the shipyard but also the local workforce, as new skills and training opportunities will be introduced. The acquisition represents a commitment to revitalizing the U.S. shipbuilding industry while ensuring that Hanwha remains competitive in the global market.