Reported 8 months ago
On June 20th, 2024, South Korea's Hanwha Defense announced the acquisition of Norway's Anker ASA's Philadelphia shipyard on the US East Coast for $100 million. The move was supported by US Navy Secretary, Del Toro, for bringing in foreign investment in a bid to stimulate local industries and expand shipbuilding capabilities through healthy competition. The agreement states that the shipyard will be operated by Hanwha's subsidiaries, Hanwha Systems and Hanwha Marine, to enhance modern shipbuilding equipment and tap into the US military shipbuilding market. The acquisition aims to revitalize the declining shipyard and increase capacity to meet potential demands from the US, South Korea, and other markets.
Source: YAHOO