Hanwha Defense USA (HDUSA), a subsidiary of Hanwha Aerospace, is moving to take control of Hanwha Philly Shipyard as part of a restructuring aimed at expanding the group’s U.S. naval and commercial shipbuilding operations.
Under the arrangement announced on 27 October, Hanwha Systems will sell its 60% stake in the shipyard through its U.S. subsidiary, HS USA Holdings Corp., to Hanwha Defense USA Shipbuilding LLC, a joint venture between HDUSA and Hanwha FutureProof. Hanwha Ocean will retain its 40% stake.
The transaction, disclosed in September, is valued at approximately $237.6 million and was scheduled for completion on 31 October 2026.
According to HDUSA’s announcement, the restructuring will place the shipyard under its leadership as the company works to develop the facility into a dual-use yard serving the U.S. Navy, other federal agencies and commercial customers.
Retired U.S. Navy Rear Admiral Tom Anderson, HDUSA’s president of U.S. shipbuilding, will oversee the group’s shipbuilding operations in the United States.
Hanwha Group acquired Philly Shipyard for approximately $100 million in December 2024. The facility has historically focused on commercial shipbuilding, including tankers and training ships, while Hanwha has been pursuing opportunities in U.S. naval construction.
The yard recently secured its first Missile Range Instrumentation Vessel (MRIV) construction order through a subcontract awarded by TOTE Services under a programme managed by the U.S. Maritime Administration (MARAD). The contract covers one firm vessel with options for two additional ships. Delivery of the first vessel is planned for 2030.
Hanwha has invested approximately $350 million in the shipyard since its acquisition and approved a further $400 million for workforce training, facility improvements and capacity upgrades. The group has also outlined longer-term expansion plans involving up to $5 billion in investment.
However, the shipyard faces challenges related to production costs, workforce recruitment and limited space at its Philadelphia site.
The restructuring is intended to align the group’s U.S. shipbuilding operations under HDUSA as Hanwha prepares to expand its government and commercial vessel construction activities.
