Hanwha completes acquisition $100 mn Philly Shipyard

South Korean chemicals-to-defense conglomerate Hanwha Group completed the acquisition of Philly Shipyard on Friday.

The size of the deal was $100 million. 

This comes six months after the agreement was signed with Philly’s largest shareholder, Aker Capital, an Oslo-based Norwegian energy investment company.

The acquisition involves Hanwha Systems Co. and Hanwha Ocean Co., the affiliates of the Hanwha Group.

Approvals from  CFIUS or the Committee of Foreign Investment in the US, and Directorate of Defense Trade Controls (DDTC) were quickly finalized, allowing the group to close by the end of the year.

“American shipbuilding needs South Korea’s help. I am well aware of Korea’s world-class warship and vessel-building capabilities, and I believe we need close collaboration with Korea not only in exports but also in maintenance, repairs and overhauls,” President-elect Donald Trump told last month. 

Hanwha Ocean aims to expand its market share in eco-friendly ship technology, production automation, and high-value added vessels.

Hanwha Systems will support the development of next-generation vessels equipped with autonomous operation technology and introduce advanced technologies such as integrated control units and ship automatic control systems.

Write to Hyeon-woo Oh at ohw@hankyung.com