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

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

HDUSA revealed that this acquisition will position the Philadelphia-based shipyard under its control, as the company endeavors to transform the facility into a dual-use shipyard, capable of constructing vessels for both the U.S. Navy and commercial clientele. Michael Coulter, HDUSA's President and Chief Executive Officer, conveyed this perspective in a statement. Under the leadership of retired U.S. Navy Rear Adm. Tom Anderson, who serves as HDUSA's President for U.S. shipbuilding, the transformation will commence.