Hanwha Systems, a defense electronics and IT technology company, and Hanwha Ocean, one of the world’s major shipbuilders, announced the acquisition of US shipbuilding company Philly Shipyard.
Hanwha Systems and Hanwha Ocean will together invest US$100 million to acquire Philly Shipyard, in furtherance of their strategies to expand their global defense and shipbuilding activities.
Philly Shipyard is a US shipbuilder that has delivered approximately half of the large US Jones Act commercial ships in the United States since 2000. Established in 1997, it is a public company controlled by Aker ASA, a Norwegian industrial investment company with ownership interests in energy, green technologies and marine biotechnology.
“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 U.S. market,” said CEO of Hanwha Systems, Charlie SC EOH.
Hanwha Systems is one of the leading defense companies in South Korea, developing technologies for unmanned maritime systems, naval radars and sensors for MUM-T (Manned and Unmanned Teaming) operations. With its technology, Hanwha Systems is expected to produce vessels in the commercial market and take advantage of opportunities in the unmanned underwater vehicles (UUVs), Smart Ship and unmanned surface vehicles (USV) markets. Hanwha Ocean has a full suite of low-carbon, high-tech vessels ranging from ammonia and LNG carriers, to destroyers, submarines and frigates.
Hanwha Systems and Hanwha Ocean see this acquisition as part of a long-term investment strategy to bring best practices and leading technologies to complement existing Philly Shipyard capabilities.
Kristian Røkke, Chairman of Philly Shipyard ASA, commented, “After two decades of stewardship, it is with great honour that we transition the ownership from Aker to Hanwha. 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. Reflecting on the past 17 years, I am personally grateful for the opportunity to have worked side by side with the people of Philly Shipyard and eagerly anticipate witnessing the shipyard’s continued growth and success in the future.”
