Philly Shipyard, the local U.S. building company, has been sold to the South Korea-based industrial group Hanwha in a $100 million deal, writes Noah Bovenizer for Ship Technology.

Per the terms of the purchase agreement, Hanwha Systems and Hanwha Ocean take on the entirety of Philly Shipyard Inc, the operating subsidiary of the Oslo-listed and Aker-owned Philly Shipyard ASA.

Hanwha is the successor of Aker as the owner of Philly Shipyard.

“Recognized as a global leader, Hanwha brings a wealth of sophisticated shipbuilding experience that will enable Philly Shipyard to realize a grander vision for its employees and customers,” Kristian Røkke, chairman of Philly Shipyard ASA, said.

Philly Shipyard will help boost Hanwha’s presence in the U.S., and Hanwha continues its efforts to expand its business globally.

“The opportunity to collaborate with Philly Shipyard, a significant shipbuilder with a storied history, is an exciting strategic opportunity that will allow Hanwha Systems to deploy its state-of-the-art naval systems and associated technologies in the U.S. market,” said Sung-Chul Eoh, CEO of Hanwha Systems.

Philly has produced about half of the large ships built under the Jones Act since 2000.

The deal is expected to officially close by the end of the year.

Read more about Philly Shipyard and Hanwha Systems in Ship Technology.

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