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Hanwha Eyes Further U.S. Shipyard Acquisitions and Philly Expansion

A large ship under construction is docked at Philly Shipyard, a state-of-the-art facility located in Philadelphia, PA.
A large ship under construction is docked at Philly Shipyard, a state-of-the-art facility located in Philadelphia, PA.
TSP Reporter
Written by TSP Reporter

Hanwha Global Defense is planning a major expansion of its U.S. shipbuilding footprint, exploring growth at the newly acquired Philly Shipyard and potentially acquiring additional facilities. CEO Michael Coulter confirmed that “everything’s on the table” as Hanwha seeks to mirror its full capabilities in the U.S. while partnering with other shipbuilders to support the Pentagon’s distributed shipbuilding strategy.

Hanwha Global Defense is exploring multiple options to expand its shipbuilding footprint in the United States, including growing its operations at the recently acquired Philadelphia shipyard and potentially purchasing additional facilities across the country.

“We’re committed to Philly and want to mirror the capabilities we have in Korea here in the U.S.,” said Michael Coulter, CEO and president of Hanwha Global Defense, in a recent interview with Breaking Defense. “Expansion in and around the Philly Shipyard is definitely in play, but space limitations there mean we’re also considering other sites.”

When asked directly about possible acquisitions, Coulter responded, “Everything’s on the table.”

Since finalizing the $100 million acquisition of Philly Shipyard in December, the South Korean industrial group has taken significant steps to grow its American presence. This includes appointing Coulter—formerly of Leonardo DRS—as the head of its global defense operations.

Currently, the shipyard is working on National Security Multi-Mission Vessels (NSMVs) for the U.S. Department of Transportation, which will be used for training maritime professionals. It is also building commercial tankers commissioned by Hanwha Shipping.

A large ship under construction is docked at Philly Shipyard, a state-of-the-art facility located in Philadelphia, PA.
A large ship under construction is docked at Philly Shipyard, a state-of-the-art facility located in Philadelphia, PA.

Although the NSMV contracts were in place prior to Hanwha’s acquisition, Coulter explained that building these vessels plays a key role in training and developing the workforce. “We’re already in the process of hiring and transferring technology,” he said. “Initial construction may start in Korea, but we’re bringing U.S. workers there to learn, with the goal of doing more of the work stateside as we progress.”

In addition to developing its own facilities, Hanwha is in discussions with other U.S. shipbuilders about partnering on larger shipbuilding efforts—a strategy that aligns with the Pentagon’s push for “distributed shipbuilding.”

“We’ve made our interest clear to the Navy, the U.S. government, and the major players in the industry,” Coulter noted. “We believe our technology can contribute to solving the challenges the U.S. faces in ship production, and we’re ready to collaborate.”

Hanwha’s move has sparked broader interest among international players. According to Reuters, South Korea’s HD Hyundai Heavy is also evaluating U.S. shipyard acquisitions, while Canadian firm Davie is in the process of acquiring facilities in Texas for icebreaker construction.



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TSP Reporter

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