Deal clinched as U.S. prepares to buy more ships from American yards, seeks investors from allies
The South Korea-based Hanwha industrial group says it has agreed to pay $100 million to acquire Philly Shipyard from the Norway-based Aker Group.to sell the yard, a partly state-financed commercial facility on the site of a historic U.S. Navy shipbuilding center that closed in 1996The Navy still employs more than 4,000 engineers and other professionals in other areas of the former Philadelphia Naval Base.
Another Korean company, HD Hyundai Heavy Industries Inc., in April signed a deal to cooperate with the Philly Shipyard in seeking U.S. Navy and other government contracts.and other allies to invest in rebuilding strategic U.S. industries such as shipbuilding, as China upgrades its rival navy and other military forces, said Susan Howland, a Philadelphia port consultant.
Two Hanwha companies are jointly acquiring the yard: Hanwha Systems focuses on military electronics and information technology, and Hanwha Ocean, which builds commercial vessels. The Hanwha group seeks “to expand their global defense and shipbuilding activities,” the said in a statement. Hanwha Systems looks forward to deploying its “state of the art naval systems” and technologies at the Philadelphia yard, added Charlie S.C. Eoh, Hanwha Systems chairman.
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