(PHILADELPHIA) — Hanwha Systems and Hanwha Ocean on Thursday announced the successful completion of their $100 million acquisition of Philly Shipyard, a leading U.S. shipbuilder for commercial and government projects.
In September, Hanwha received approval for the deal from the Committee on Foreign Investment in the United States (CFIUS). With all the appropriate approvals secured and the financial transaction completed, the newly named Hanwha Philly Shipyard officially begins Hanwha’s shipbuilding operations in the U.S.
As a part of this acquisition, David Kim will step in to the role of chief executive officer to guide the shipyard through this transition. Kim previously served as executive vice president for Hanwha Defense USA and played an instrumental role leading the planning for Hanwha’s acquisition of Philly Shipyard.

“Hanwha Philly Shipyard begins an exciting new chapter today,” Kim said. “We plan to grow and build on a long tradition of success, by expanding production using advanced technologies, and supporting the national revitalization of U.S. shipyards. Together, we begin working toward our vision for Hanwha Philly Shipyard: to be a trusted U.S. shipbuilder, challenging and redefining sustainable maritime solutions for commercial and government clients. We intend to do that by pushing the boundaries of shipbuilding by combining people with technology to build best-in-class vessels.”
Hanwha seeks to build on the success of Philly Shipyard, established in 1997, that delivered around 50 percent of all large oceangoing U.S. Jones Act commercial ships since 2000, including tankers and container ships. Philly Shipyard’s recent completion of a second national security multi-mission vessel (NSMV) for the Maritime Administration reinforces the yard’s strong position in the U.S. market.
With Hanwha’s capacity and ambition, Hanwha Philly Shipyard plans to create a significant number of local jobs, expand the yard’s capabilities and scale into new markets.
Hanwha Systems and Hanwha Ocean’s joint investment to acquire Philly Shipyard from Philly Shipyard ASA, a Norwegian company that is majority-owned by Aker ASA, was announced in June.
With this purchase, Hanwha further expands into the U.S. market for commercial shipbuilding and defense growth. Hanwha operates one of the world’s largest shipyards, Hanwha Ocean, spanning approximately 52.7 million square feet in Goeje Island, Korea.
Hanwha Systems is regarded as the leader for Korean naval systems given its proficiency in developing technologies for unmanned maritime systems, naval radars and sensors for manned-unmanned teaming (MUM-T) operation, and maintenance, repair and overhaul (MRO) platform for naval combat systems. Hanwha Systems provides comprehensive solutions for naval security and approval of maritime services that may have synergies with various commercial ship portfolios.
“With Philadelphia’s rich history in shipbuilding, Hanwha is eager to usher in a new era of success,” Kim said. “We aim to build on Philly Shipyard’s achievements, expand into naval vessel production and increase local employment opportunities. With Hanwha’s global scale, deep technology expertise, and more than 50 years of shipbuilding experience we look forward to driving remarkable growth, and we can’t wait to embark on this new journey as Hanwha Philly Shipyard.”
– Philly Shipyard