"And the White House shared details of some investments by major South Korean companies coming down the line. Top South Korean shipbuilder HD Hyundai and American investment firm Cerberus Capital Management are partnering on a $5 billion investment plan aimed at "modernizing American shipyards, strengthening supply chains, and applying new technologies like autonomous navigation, digitalization, and automation," the White House said in a fact sheet."
"Hanwha Ocean, another prominent South Korean shipbuilder, will invest another $5 billion in its Philly Shipyard workforce in Pennsylvania "and increase its current production capacity by more than ten-fold," the White House said. The company acquired the shipyard last year. US Navy officials have praised South Korea's shipyards for their digital precision and real-time oversight of construction and supply chains - tools that could help modernize America's struggling shipbuilding sector."
South Korean shipbuilders are committing multibillion-dollar investments to U.S. shipbuilding focused on modernization, new construction, maintenance, and workforce development. South Korea reportedly plans up to $150 billion in U.S. shipbuilding investment through various programs and companies. HD Hyundai and Cerberus announced a $5 billion partnership to modernize shipyards, strengthen supply chains, and deploy technologies such as autonomous navigation, digitalization, and automation. Hanwha Ocean plans $5 billion for its Philly Shipyard to expand the workforce and increase production capacity. U.S. Navy officials have praised South Korean yards for digital precision and real-time oversight that could address longstanding U.S. industry challenges.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]