SEOUL, Aug. 27 (UPI) -- Hanwha Group said Wednesday it plans to invest $5 billion in Hanwha Philly Shipyard in Philadelphia, which the South Korean conglomerate acquired late last year from Norway's Aker ASA.
With the funds, Hanwha plans to install two additional docks and three quays to increase capacity. Construction of a new block assembly facility is under consideration, Hanwha said.
Through the expansion, Hanwha expected that Philly Shipyard's annual production volume would jump from fewer than two vessels to up to 20, including LNG carriers and naval vessels.
It is part of South Korea's commitment to supporting the growth of the U.S. shipbuilding industry through a $150 billion investment, which the Seoul administration pledged earlier this year.
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