Hanwha Group welcomes U.S. support for interest in Austal
CFIUS clearance signals U.S. support for Hanwha’s proposed investment in Austal Limited
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Hanwha plans to increase its 9.9% equity stake in Austal Limited to a strategic 19.9% position, and this investment has cleared a key regulatory milestone in the United States.
The Committee on Foreign Investment in the United States (CFIUS) has granted Hanwha clearance to increase its shareholding in Austal up to 100%. CFIUS, which functions as the U.S. equivalent of Australia’s Foreign Investment Review Board, stated there are "no unresolved national security concerns," signaling the U.S. government’s support for Hanwha’s proposed investment in Austal.
In welcoming the confirmation, Michael Coulter, CEO & President of Hanwha Aerospace and Hanwha Global Defense, said the CFIUS outcome marks an important milestone that reflects the positive reception Hanwha has received from various levels of the U.S. government.
“The CFIUS outcome is evidence of the strong support we have within the U.S. government, based on our track record of collaboration with U.S. and allied partners, our expertise and technology, and our performance in delivering on time and at scale,” Coulter said. “It is also consistent with the significant interest we are receiving from the U.S. government for further transfer of our technology and practices from Korea to help uplift shipbuilding in the United States.”
“Hanwha remains committed to making a meaningful contribution to Austal as a trusted partner with complementary manufacturing and operational experience, which will help both Austal and its clients access the world’s best defense technology and practice,” Coulter added.
Hanwha, a global leader in smart shipbuilding, will provide Austal with access to capital, international relationships, and operational and technical expertise that can accelerate the development of Austal’s business. The move is expected to enhance Australia’s defense capabilities at a time when the development of sovereign defense capabilities is increasingly important.
Hanwha has also submitted an application to Australia’s Foreign Investment Review Board to increase its current equity position in Austal from 9.9% to 19.9%.
Hanwha Group
Hanwha is South Korea’s seventh-largest business group, with innovative businesses in the areas of aerospace & mechatronics, clean energy & ocean solutions, finance, and retail & services. We are a multinational company with a robust global network of affiliates, which allows us to leverage synergy to deliver transformative solutions and impactful innovations that catalyze sustainable growth across industries and communities. With strong fundamentals in core industries, we enhance lives through our technologies, products, and services.
For more information, visit: www.hanwha.com
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