Hanwha Group has made a non-binding offer of between $1.05 billion and $1.2 billion for Austal’s U.S. shipbuilding operations, a move that would hand the South Korean conglomerate one of the largest builders of Navy and Coast Guard vessels. Austal has given Hanwha four weeks to examine its U.S. operations and financial records before deciding whether to proceed.
The proposal excludes Austal’s Australian, Philippine and Vietnamese operations and its Sydney-listed shares, and Austal said it would not affect its Strategic Shipbuilding Agreement with the Australian government. Austal USA accounted for 90 percent of the group’s $76.6 million pretax profit in fiscal 2025, although Austal expects the American unit to post a $123.5 million operating loss in fiscal 2026.
“Hanwha has made it a priority to significantly contribute to revitalizing American shipbuilding and is exploring a range of options to expand our footprint in the United States,” said Hanwha Defense USA communications director James Hewitt. Hanwha entered U.S. shipbuilding with its $100 million purchase of Philly Shipyard, completed in 2024.
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Original Article from WorkBoat | Written by Ben Hayden
