Hanwha Acquires Philly Shipyard For $100M

73

  • Hanwha brings cutting-edge marine technology and shipbuilding expertise to Philadelphia.
  • The company will enter the US shipbuilding market with the acquisition, expected to close at the end of the year.

US shipbuilding company Philly Shipyard has sold to South Korea’s Hanwha in a deal worth $100m, following months of rumors about the sale, reads an official release.

The share purchase agreement will see Hanwha Systems and Hanwha Ocean take on the entirety of Philly Shipyard Inc, the operating subsidiary of the Oslo-listed and Aker owned Philly Shipyard ASA.

Kristian Røkke, chairman of Philly Shipyard ASA, said: “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.”

The deal, expected to close by the end of the year, continues Hanwha’s efforts to expand its business globally and will boost its hopes after a takeover bid for Australia’s Austal was rejected earlier this year.

Philly Shipyard, based in Philadelphia, Pennsylvania, will particularly help boost Hanwha’s presence in the US, with Philly having produced half of the large ships built under the Jones Act since 2000.

Did you Subscribe to our daily newsletter?

Its Free! Click here to Subscribe!

Source: Hanwha