South Korea’s Hanwha Group to acquire US shipbuilder and repairer Philly Shipyard
South Korea's Hanwah Group has acquired US shipyard Philly Shipyard (Source: Philly Shipyard)
08. July 2024
| Editorial staff Ship&Offshore
The South Korean Hanwha Group, formerly Daewoo Shipbuilding and Marine Engineering, has agreed to acquire the major US shipbuilding and repair company Philly Shipyard. The takeover will be for USD 100 million in cash.
Under the deal, which is expected to be closed by the end of this year, Hanwha Systems and Hanwha Ocean will purchase Philly Shipyard from Oslo-based Aker-owned Philly Shipyard ASA.
Philly Shipyard, which operates from the former Philadelphia Naval Shipyard, is best known for its shipbuilding activities. However, it is also highly active in the repair and maintenance of Military Sealift Command (MSC)-operated auxiliary vessels.
