Hanwha Defense USA to take control of Philly Shipyard in internal restructuring

Washington — Hanwha Defense USA announced on Tuesday that it will assume a controlling interest in Hanwha Philly Shipyard, as part of a larger internal restructuring plan to bolster the South Korean conglomerate's naval shipbuilding operations in the United States. According to a restructuring announcement made in September, Hanwha Systems Co. will transfer its 60% stake in the shipyard to Hanwha Defense USA Shipbuilding LLC, a joint venture comprising HDUSA and Hanwha FutureProof. Meanwhile, Hanwha Ocean Co. will maintain its 40% ownership.

Hanwha Defense USA anticipates that the acquisition will position the Philadelphia shipyard under its management, with the company aiming to convert the facility into a dual-use shipyard. This facility will be capable of constructing vessels for both the U.S. Navy and commercial clients. Michael Coulter, President and CEO of Hanwha Defense USA, stated in a statement that aligning the shipyard with Hanwha's government and commercial shipbuilding initiatives will enhance their multi-domain presence in the United States.

Retired U.S. Navy Rear Adm. Tom Anderson, who leads the U.S. shipbuilding division at Hanwha Defense USA, will oversee the operations of the shipyard under the new ownership structure.