Hanwha press release
In September 2024, Hanwha received Committee on Foreign Investment in the United States (CFIUS) approval. With all the appropriate approvals secured and the financial transaction completed, the newly named, “Hanwha Philly Shipyard” officially begins Hanwha’s shipbuilding operations in the U.S.
As a part of this acquisition, David Kim will step in to the role of Chief Executive Officer to guide the shipyard through this transition. Kim previously served as executive vice president for Hanwha Defense USA and played an instrumental role leading the planning for Hanwha’s acquisition of Philly Shipyard.
“Hanwha Philly Shipyard begins an exciting new chapter today. We plan to grow and build on a long tradition of success, by expanding production using advanced technologies, and supporting the national revitalization of U.S. shipyards. Together, we begin working toward our vision for Hanwha Philly Shipyard: to be a trusted U.S. shipbuilder, challenging and redefining sustainable maritime solutions for commercial and government clients. We intend to do that by pushing the boundaries of shipbuilding by combining people with technology to build best-in-class vessels.”
David Kim, Hanwha Philly Shipyard’s new CEO
Hanwha seeks to build on the success of Philly Shipyard, established in 1997, that delivered around 50% of all large ocean-going U.S. Jones Act commercial ships since 2000, including tankers and container ships. Philly Shipyard’s recent completion of a second National Security Multi-Mission Vessel (NSMV) for the Maritime Administration reinforces the yard’s strong position in the U.S. market.
With Hanwha’s capacity and ambition, Hanwha Philly Shipyard plans to create a significant number of local jobs, expand the yard’s capabilities and scale into new markets. Proud to join the Philadelphia community, Hanwha is committed to deepening local ties and advancing workforce development initiatives. Hanwha looks forward to a smooth transition into the U.S. shipbuilding industry to drive sustainable and inclusive growth.
Bringing Hanwha’s Experience to New Shores
Hanwha Systems and Hanwha Ocean’s joint investment to acquire Philly Shipyard from Philly Shipyard ASA, a Norwegian company that is listed on the Euronext Expand Oslo (Oslo: PHLY) and majority-owned by Aker ASA, a Norwegian industrial investment company with ownership interests in energy, green technologies and marine biotechnology, was first announced in June 2024.
With this purchase, Hanwha further expands into the U.S. market for commercial shipbuilding and defense growth. Hanwha is recognized for its sophisticated, cutting-edge technology that is used to build some of the largest ships in use today and operates one of the world’s largest shipyards, Hanwha Ocean, spanning approximately 4.9 million square meters in Goeje Island, Korea. Hanwha Ocean is at the forefront of building a clean energy value chain developing eco-friendly, highly efficient marine solutions.
Hanwha Systems is regarded as the leader for Korean naval systems given its proficiency in developing technologies for unmanned maritime systems, naval radars and sensors for Manned-Unmanned Teaming (MUM-T) operation, and maintenance, repair and overhaul (MRO) platform for naval combat systems. Hanwha Systems provides comprehensive solutions for naval security and approval of maritime services that may have synergies with various commercial ship portfolios.
CEO David Kim said:
“With Philadelphia’s rich history in shipbuilding, Hanwha is eager to usher in a new era of success,”
“We aim to build on Philly Shipyard’s achievements, expand into naval vessel production and increase local employment opportunities. With Hanwha’s global scale, deep technology expertise, and more than 50 years of shipbuilding experience we look forward to driving remarkable growth, and we can’t wait to embark on this new journey as Hanwha Philly Shipyard.”
