© Olivier Le Queinec | Dreamstime.com
6675a94b285d8615b73dd4eb Dreamstime Xl 47862041

Hanwha Announces Acquisition of Philly Shipyard

June 21, 2024
Philly Shipyard supplies about 50% of the largest commercial ships in the U.S.

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.

About the Author

IW Staff

Find contact information for the IndustryWeek staff: Contact IndustryWeek

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!