Hanwha Defense USA to take control of Philly Shipyard in internal restructuring

Hanwha Defense USA said Tuesday it will acquire a controlling stake in Hanwha Philly Shipyard, part of a broader internal restructuring aimed at strengthening the South Korean conglomerate's US naval shipbuilding operations. Under a restructuring plan announced in September, Hanwha Systems Co. will sell its 60 percent stake in the shipyard to Hanwha Defense USA Shipbuilding LLC, a joint venture involving HDUSA and Hanwha FutureProof. Hanwha Ocean Co. will retain its 40 percent stake. HDUSA said

Source: The Korea Herald