Seoul, Dec 20 (IANS) South Korea’s Hanwha Group said on Friday it has completed a $100 million acquisition of Philly Shipyard, a leading US shipbuilder for commercial and government projects.
The acquisition was finalized six months after signing a contract with Norway’s Aker ASA, the parent company, in June. Hanwha Ocean Co. and Hanwha Systems Co. jointly undertook the acquisition.
Philly Shipyard was established in 1997 on the site of a former U.S. Navy shipyard in Philadelphia. It has been newly named Hanwha Philly Shipyard, Yonhap news agency reported.
The shipyard specialises in constructing coastal transport vessels and has supplied approximately 50 per cent of large commercial vessels subject to the US Jones Act, including petrochemical carriers and container ships.
The shipyard also has a proven track record in projects such as constructing multipurpose training ships for the U.S. Maritime Administration.
Hanwha Philly Shipyard plans to create a significant number of local jobs, expand the yard’s capabilities and scale into new markets, the group said.
Meanwhile, the shipyard industry of the US is willing to work with its South Korean counterpart to improve efficiencies, a US shipbuilders’ trade group said last month, as US President-elect Donald Trump seeks closer bilateral ties in the sector.
Paula Zorensky, vice president of the Shipbuilders Council of America (SCA), said American shipyards “are willing to work with our fellow South Korean shipbuilders and allied shipyards to improve our processes and increase efficiencies.”
“US shipyards have long encouraged input and investment in our facilities and are willing to work with our fellow South Korean shipbuilders and allied shipyards to improve our processes and increase efficiencies,” she added.
South Korean shipyards, a leading force in the global shipbuilding industry, appear upbeat over potential opportunities to expand their business in America after Trump’s reelection.
Hanwha Ocean recently secured two MRO contracts with the US Navy for the regular overhaul and inspection of US naval vessels.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
