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

WASHINGTON — Hanwha Defense USA (HDUSA) 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 U.S. 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 the move will bring the Philadelphia-based shipyard under its leadership as Hanwha seeks to transform the facility into a dual-use shipyard capable of building vessels for the U.S. Navy and commercial customers. "As HDUSA continues to grow its multi-domain presence across the U.S., bringing the Philly Shipyard under HDUSA will further align our government and commercial shipbuilding efforts," HDUSA President and Chief Executive Officer (CEO) Michael Coulter said in a statement. Retired U.S. Navy Rear Adm. Tom Anderson, president of U.S. shipbuilding at HDUSA, will oversee