Australian shipbuilder Austal said on Tuesday that Hanwha Group had offered to buy its U.S. operations for up to $1.20 billion as the South Korean conglomerate seeks to expand in the American
Australian shipbuilder Austal said on Tuesday that Hanwha Group had offered to buy its U.S. operations for up to $1.20 billion as the South Korean conglomerate seeks to expand in the American defence market.
Austal shares rose more than 16%, logging their best intraday jump since mid-February. The stock was the top gainer on the benchmark ASX 200 index .AXJO, which traded 0.2% higher as of 0125 GMT.
Hanwha Defence USA offered to buy Austal's U.S. entities and operations for $1.05 billion to $1.20 billion, a move that would deepen its push into the U.S. defence market after acquiring the Philly Shipyard in Philadelphia in 2024.
"Hanwha has made it a priority to significantly contribute to revitalising American shipbuilding and is exploring a range of options to expand footprint in the United States," Hanwha Defense USA Spokesman James Hewitt said.
Austal, Australia's biggest shipbuilder, designs and builds vessels for the U.S. Navy and Coast Guard. Its U.S. business generated 90% of the group's A$108.5 million pre-tax profit in the 2025 financial year.
The offer does not include Austal's core operations in Australia, the Philippines and Vietnam or its Sydney-listed shares. It will also not affect its Strategic Shipbuilding Agreement with
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