Hanwha Defense USA to Acquire Controlling Stake in Philly Shipyard

Hanwha Defense USA will take control of Hanwha Philly Shipyard in an internal restructuring move aimed at strengthening its U.S. naval shipbuilding operations, South Korea's national news agency Yonhap reported on Wednesday.

The acquisition involves Hanwha Systems Co. selling its 60 percent stake in the shipyard to Hanwha Defense USA Shipbuilding LLC, a joint venture between Hanwha Defense USA and Hanwha FutureProof.

Hanwha Ocean Co. will retain its 40 percent stake in the Philadelphia-based shipyard.

Hanwha Defense USA President and Chief Executive Officer Michael Coulter said the move will align the company's government and commercial shipbuilding efforts.

The company plans to transform the shipyard into a dual-use facility capable of building vessels for the U.S. Navy and commercial customers.

Retired U.S. Navy Rear Adm. Tom Anderson, president of U.S. shipbuilding at Hanwha Defense USA, will oversee the company's American shipbuilding operations.

The restructuring follows Hanwha Group's acquisition of the Philadelphia shipyard in December 2024 as part of its push into the U.S. shipbuilding market.

Hanwha Group's entry into the U.S. shipbuilding market is part of South Korea's efforts to expand its global defense industry presence. The country's defense exports have been growing in recent years, driven by demand for advanced military equipment.

The U.S. shipbuilding industry is a significant sector, with major players like General Dynamics Electric Boat and Huntington Ingalls Industries competing for contracts. Hanwha Group's acquisition of the Philadelphia shipyard and subsequent restructuring reflect its ambition to become a major player in this market.