Hanwha Systems and Hanwha Ocean announced the US$100 million acquisition of Philly Shipyard, a leading U.S. shipbuilder. Philly Shipyard, known for producing about half of the large U.S. Jones Act commercial ships since 2000, will bolster Hanwha's global defense and shipbuilding strategies.

Controlled by Norway's Aker ASA, Philly Shipyard builds vessels compliant with the Jones Act, which mandates that ships used in domestic trade must be constructed in U.S. shipyards. The shipyard, established in 1997, also constructs training vessels for the U.S. Maritime Administration (MARAD).

Sung-Chul Eoh, CEO of Hanwha Systems, highlighted the strategic opportunity to integrate their advanced naval systems into the U.S. market. This acquisition aligns with Hanwha's long-term investment strategy, enhancing Philly Shipyard's capabilities with cutting-edge technologies.