Key facts
- Hanwha Defense USA will acquire a controlling stake in Hanwha Philly Shipyard.
- Hanwha Systems is selling its 60% stake to Hanwha Defense USA Shipbuilding LLC.
- The shipyard will be transformed into a dual-use facility for military and commercial clients.
Hanwha Defense USA (HDUSA) announced Tuesday it will acquire a controlling stake in Hanwha Philly Shipyard as part of a broader internal restructuring. The move aims to strengthen the South Korean conglomerate's U.S. naval shipbuilding operations. Hanwha Systems will sell its 60% stake to Hanwha Defense USA Shipbuilding LLC, a joint venture involving HDUSA and Hanwha FutureProof, while Hanwha Ocean Co. will keep its 40% stake. HDUSA plans to transform the Philadelphia-based shipyard into a dual-use facility capable of serving both the U.S. Navy and commercial clients.