Hanwha Group said Tuesday it has received approval from the US government to acquire up to 100 percent of shares in Austal Limited, a global maritime defense company headquartered in Australia.
The clearance was granted on Friday by the Committee on Foreign Investment in the United States, the US agency responsible for reviewing the national security implications of foreign investments.
Although Hanwha initially sought to increase its stake in Austal from 9.9 percent to 19.9 percent, the US government authorized the group to acquire up to full ownership. CFIUS stated there were "no unresolved national security concerns" regarding the proposed investment.
Hanwha’s acquisition aligns with its broader plan to integrate its advanced shipbuilding technologies and defense capabilities with Austal’s global operations.
“This approval marks an important milestone that reflects the trust and support we’ve earned from the US government,” said Michael Coulter, CEO of Hanwha Global Defense. “It recognizes our technological capabilities and performance in collaboration with the US and its allies. By combining Korean shipbuilding expertise with the US defense industry, we aim to strengthen the competitiveness of American shipbuilding.”
The company is also awaiting regulatory approval from Australia’s Foreign Investment Review Board to increase its stake in Austal. If successful, Hanwha aims to expand joint projects in both the US and Australian defense markets while contributing to the long-term competitiveness of the global shipbuilding industry.
hyelimchung@heraldcorp.com
