https://www.kedglobal.com/shipping-shipbuilding/newsView/ked202412200004

South Korea’s Hanwha Group, a conglomerate spanning chemicals to defense, has completed the acquisition of Philly Shipyard for $100 million. The deal marks a strategic move into the advanced shipbuilding market and was finalized six months after an agreement was reached with Aker Capital, the Oslo-based energy investment firm and largest shareholder in Philly Shipyard.

Key affiliates Hanwha Systems Co. and Hanwha Ocean Co. played integral roles in the acquisition. The transaction received swift regulatory approvals from the Committee on Foreign Investment in the United States (CFIUS) and the Directorate of Defense Trade Controls (DDTC), enabling closure before the end of the year.With this acquisition, Hanwha Ocean plans to strengthen its position in the market for eco-friendly ship technologies, automated production systems, and high-value vessels. Meanwhile, Hanwha Systems is poised to enhance next-generation ship capabilities, focusing on autonomous operation technologies, integrated control units, and ship automation systems.

The move underscores Hanwha Group’s commitment to innovation in the global maritime industry, leveraging advanced technologies to expand its influence and market share in environmentally sustainable and technologically advanced shipbuilding solutions.