Hanwha Defense USA to Take Control of Philly Shipyard as Navy Shipbuilding Push Accelerates
Hanwha Defense USA is moving to take control of Hanwha Philly Shipyard, bringing the Philadelphia facility under its U.S. defense business as the South Korean conglomerate pushes to expand into...
National Security Multi-Mission Vessels (NSMV) under construction at Hanwha Philly Shipyard. Photo courtesy Hanwha Philly Shipyard
Hanwha Defense USA is moving to take control of Hanwha Philly Shipyard, bringing the Philadelphia facility under its U.S. defense business as the South Korean conglomerate pushes to expand into American naval shipbuilding.
The company announced Tuesday that it will acquire a controlling 60% stake in the shipyard through an HDUSA-led joint venture, a restructuring intended to align Hanwha’s commercial and government shipbuilding operations under a single leadership structure.
The move does not represent a new acquisition by Hanwha Group, which purchased the former Philly Shipyard for $100 million in December 2024. Instead, it transfers control from Hanwha Systems, which currently holds 60% of the shipyard, to Hanwha Defense USA Shipbuilding LLC, a joint venture between HDUSA and Hanwha FutureProof. Hanwha Ocean will retain its 40% stake.
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