Hanwha headquarters in Seoul. Hanwha Group has submitted a nonbinding offer to acquire 100% of Austal USA's operating business and assets. Photo courtesy of Hanwha
Aug. 11 (Asia Today) -- Hanwha Group has submitted a nonbinding offer to acquire Austal USA, the American business of Australian shipbuilding and defense company Austal, as the South Korean conglomerate seeks to further expand its U.S. shipbuilding operations.
Hanwha Defense USA submitted the nonbinding proposal for 100% of Austal USA's operating business and assets, Hanwha said Tuesday.
The proposal values the business at between $1.05 billion and $1.2 billion on a cash-free, debt-free basis, with the top end equivalent to roughly 1.7 trillion won ($1.2 billion).
"Hanwha considers making a significant contribution to rebuilding the U.S. shipbuilding industry a top priority and is exploring various ways to expand its business foundation in the United States," the company's U.S. defense unit said.
