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Jun 21, 2024 - 20:34
By asia.nikkei.com

South Korea's Hanwha agrees to acquire American shipyard for $100m

WASHINGTON -- Four months after U.S. Navy Secretary Carlos Del Toro toured shipyards in South Korea and Japan, pitching for Asian shipbuilders to invest in American yards, the first such case was announced on Thursday.

Norwegian-owned Philly Shipyard in Philadelphia, Pennsylvania, said it has entered a share-purchase agreement with South Korean defense contractor Hanwha Systems and its shipbuilding affiliate Hanwha Ocean. The deal is worth $100 million.