Hanwha Systems and Hanwha Ocean completed the acquisition of Philly Shipyard for $100m.

Hanwha Systems, a defense electronics and IT technologies company, and Hanwha Ocean, a shipbuilder, completed the acquisition of Philly Shipyard, a shipbuilder, for $100m. "The opportunity to collaborate with Philly Shipyard, a significant shipbuilder with a storied history, is an exciting strategic opportunity that will allow Hanwha Systems to deploy its state-of-the-art naval systems and associated technologies in the US market," Charlie SC EOH, Hanwha Systems CEO.