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Business/Financial

South Korea’s Hanwha To Acquire Philly Shipyard

Thursday, June 20th, 2024

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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…

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