South Korean conglomerate Hanwha Group has made a historic entry into the US shipbuilding industry by acquiring Philly Shipyard for $100 million. The acquisition, announced on Friday, involves Hanwha Systems holding a 60 percent stake and Hanwha Ocean a 40 percent stake. Philly Shipyard, located in Philadelphia, is known for constructing commercial vessels in compliance with the Jones Act and has a strong track record in producing petrochemical carriers, container ships, offshore wind installation vessels, and government ships. For Hanwha Group, this acquisition represents an opportunity to enter the US commercial marine and defense markets. Hanwha Systems aims to develop autonomous commercial ships and advanced smart ship solutions, leveraging its expertise in ship combat systems and logistics support platforms. Meanwhile, Hanwha Ocean plans to diversify its revenue by establishing a US production base and expanding its work on medium-sized tankers and container ships, building on Philly Shipyard's strengths. The acquisition also positions Hanwha Group to capitalize on the extensive needs of the US Navy's shipbuilding and maintenance market, with the company expressing its eagerness to leverage its expertise to solidify its US presence and expand its global footprint. Overall, the acquisition of Philly Shipyard by Hanwha Group is seen as a strategic move to create synergies and strengthen the group's position in the global shipbuilding and defense markets, with both subsidiaries aiming to drive growth in the US market and establish themselves as global leaders. Hanwha Ocean, in particular, has been accumulating investment momentum and plans to utilize a significant portion of its raised capital to expand its global defense business and acquire stakes in ship maintenance, repair, and operations companies.