:

Business/Financial

South Korea’s Hanwha To Acquire Philly Shipyard

Thursday, June 20th, 2024

SHARE:

South Korea’s Hanwha To Acquire Philly Shipyard

Production of a National Security Multi-Mission Vessel at Philly Shipyard in February 2024. (Photo: Philly Shipyard)

South Korea’s Hanwha conglomerate agreed to purchase the Norwegian-owned Philly Shipyard, the latter said on Thursday. The transaction will involve Hanwha Group business segments Hanwha Systems and shipbuilder Hanwha Ocean entering into a share purchase agreement with Philly Shipyard. The company said the sale will be against a cash consideration of $100 million. Philly Shipyards is currently owned by Norway’s Aker Group industrial investment company. “After two decades of stewardship, it is with great honor that we transition the ownership…

Senators Push Navy Against Single Destroyer Request In FY ’27

The chairman of the Senate Armed Services Committee (SASC) and the two senators from Maine last week pushed back on Navy officials for only requesting one Arleigh Burke-class destroyer (DDG-51) […]

Navy Looks To Eventually Assemble Battleship At HII Newport News; Faces More Dem Opposition

The Navy told lawmakers this week it found a dry dock at HII’s [HII] Newport News Shipbuilding shipyard it thinks can use for final assembly of the new Trump-class battleship […]

Navy Leaders Downplay Looking At Foreign Navy Shipbuilding Amid Lawmaker Objections

The Navy’s top leaders this week seemed to downplay and back down on the service potentially using foreign shipyards to build U.S. Navy ships or buying foreign designed warships overseas […]

Army

Senate Defense Appropriators See ‘Risk’ With Army’s Reconciliation Plan To Fund Munitions Increase

The Senate’s top defense appropriators cited concern this week with the Army’s request to fund the majority of its large increase to munitions procurement in fiscal year 2027 through the […]