South Korea's Hanwha Group said Friday it has completed a US$100 million acquisition of Philly Shipyard, a leading U.S. shipbuilder for commercial and government projects, Azernews reports, citing Yonhap news.
The acquisition was finalized six months after signing a contract with Norway's Aker ASA, the parent company, in June. Hanwha Ocean Co. and Hanwha Systems Co. jointly undertook the acquisition.
Philly Shipyard was established in 1997 on the site of a former U.S. Navy shipyard in Philadelphia. It has been newly named Hanwha Philly Shipyard.
The shipyard specializes in constructing coastal transport vessels and has supplied approximately 50 percent of large commercial vessels subject to the U.S. Jones Act, including petrochemical carriers and container ships.
The shipyard also has a proven track record in projects such as constructing multipurpose training ships for the U.S. Maritime Administration.
Hanwha Philly Shipyard plans to create a significant number of local jobs, expand the yard's capabilities and scale into new markets, the group said.
