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Yahoo
22-04-2025
- Business
- Yahoo
HII Hosts HD Hyundai Heavy Industries Leaders at Ingalls Shipbuilding
PASCAGOULA, Miss., April 22, 2025 (GLOBE NEWSWIRE) -- HII (NYSE: HII) hosted HD Hyundai Heavy Industries leaders at the company's Ingalls Shipbuilding division Tuesday, advancing joint goals of the memorandum of understanding signed by the two companies earlier this month. The visit focused on identifying near-term opportunities and exploring the implementation of new processes that could support the acceleration of ship production. 'This visit is a continuation of the important dialogue taking place between HII and our international partners,' Ingalls Shipbuilding President Brian Blanchette said. 'Today's visit allowed us to showcase the great work our Ingalls shipbuilders do every day in support of national security and an opportunity to exchange ideas on best practices, while examining what we can begin working on right away.' The visit included meetings with Ingalls leadership, a tour of the shipyard and a stop at the company's new virtual welding lab, where the group experienced how this immersive, hands-on training environment is not only enhancing the skills of current and future shipbuilders, but also setting a new national benchmark for how technology can be leveraged to grow a highly proficient workforce in this essential trade. Photos accompanying this release are available at: 'We appreciate the opportunity to visit our partners at HII and see how they are using technology to enhance efficiency and quality at Ingalls,' Chief Executive of the Naval & Special Ship at HHI Won-ho Joo said. 'We look forward to building on the strong foundation set by our recent MOU announcement.' HII and HHI are two of the world's leading shipbuilders across multiple classes of ships. By working with shipbuilding allies, this strategic partnership aims to leverage the combined expertise and resources of both companies to advance technological innovation, maximize production efficiency, and strengthen the global defense industry. About HII HII is a global, all-domain defense provider. HII's mission is to deliver the world's most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world. As the nation's largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII's workforce is 44,000 strong. For more information, visit: HII on the web: HII on Facebook: HII on X: HII on Instagram: HII Contact: Kimberly K. A photo accompanying this announcement is available at in to access your portfolio
Yahoo
07-04-2025
- Business
- Yahoo
Top US, South Korean shipbuilders partner to bolster vessel production
America's largest naval shipbuilder, HII, reached an agreement Monday to partner with South Korea's HD Hyundai Heavy Industries to boost shipbuilding across numerous vessel classes. The landmark agreement, signed as a memorandum of understanding at the Navy League's Sea-Air-Space Symposium at National Harbor, Maryland, covers not only military but commercial shipbuilding efforts, according to a HII press release. 'By working with our shipbuilding allies and sharing best practices, we believe this [agreement] offers real potential to help accelerate delivery of quality ships,' Brian Blanchette, HII executive vice president and president of Ingalls Shipbuilding, said in the release. Won-ho Joo, chief executive of HHI's naval and special ship business unit, called the agreement 'a new milestone for both of our companies,' adding that the arrangement will provide South Korea 'with the unique opportunity to expand our expertise in shipbuilding.' Hyundai Heavy Industries owns the world's largest shipyard, located in Ulsan, South Korea. The company, which boasts 10% of the world's shipbuilding market, asserts it can 'produce more than one [Aegis-equipped] ship per year, equivalent to the U.S. Navy's Arleigh Burke-class destroyer,' HHI Specialized Ship Business Division Managing Director Woo-man Jeong told a South Korean news outlet. 'If maritime defense cooperation with the U.S. is in full swing,' Jeong added, 'we will be able to build up to five ships per year, and there is room for further expansion.' The agreement inked between HHI and its U.S. counterpart, which is headquartered in Newport News, Virginia, is the latest indication of increased naval collaboration between the two countries. Last month, South Korea's naval industry notched a significant first when the Military Sealift Command's Lewis and Clark-class dry cargo ship USNS Wally Schirra completed a seven-month regular overhaul at a Hanwha Ocean shipyard in Gyeongsangnam-do. The overhaul marked the first time a Republic of Korea shipyard bid on and won a contract of that scale, according to a U.S. Pacific Fleet release. 'The Republic of Korea's ability to conduct large-scale maintenance to USNS ships within the Indo-Pacific Theater demonstrates the strong strategic partnership between the Republic of Korea and the United States,' Rear Adm. Neil Koprowski, U.S. Naval Forces Korea commander, said in the release. 'Maintenance in Theater reduces downtime and costs, while enhancing operational readiness. This is a landmark achievement to be celebrated as a symbol of our strengthened partnership and ironclad commitment to the ROK-U.S. alliance.' Monday's U.S.-South Korea shipbuilding agreement comes on the heels of a recent Government Accountability Office report that described the state of U.S. shipbuilding over the past 20 years as lingering in a 'perpetual state of triage.' During a March 4 address to the nation, President Donald Trump promised to establish a new office of shipbuilding within the White House to inject life into the industry and revitalize U.S. naval strength. 'We used to make so many ships,' Trump said. 'We don't make them anymore very much, but we're going to make them very fast, very soon. It will have a huge impact to further enhance our national security.'
Yahoo
07-04-2025
- Business
- Yahoo
HII and HD Hyundai Heavy Industries Sign Memorandum of Understanding
NATIONAL HARBOR, Md., April 07, 2025 (GLOBE NEWSWIRE) -- HII (NYSE: HII) and HD Hyundai Heavy Industries (HHI), two of the world's leading shipbuilders across multiple classes of ships, signed a memorandum of understanding (MOU) today to explore opportunities to collaborate on accelerating ship production in support of defense and commercial shipbuilding projects. The signing ceremony took place in HII's booth at Sea Air Space, the largest global maritime expo in North America, and was attended by HII Executive Vice President and President of Ingalls Shipbuilding Brian Blanchette and Won-ho Joo, chief executive of the naval & special ship business unit at HHI. 'Today's agreement reflects our commitment to explore all opportunities to expand U.S. shipbuilding capacity in support of national security,' Blanchette said. 'By working with our shipbuilding allies and sharing best practices, we believe this MOU offers real potential to help accelerate delivery of quality ships.' This strategic partnership aims to leverage the combined expertise and resources of both companies to advance technological innovation, maximize production efficiency, and strengthen the global defense industry. 'This partnership marks a new milestone for both of our companies and provides us with the unique opportunity to expand our expertise in shipbuilding,' Won-ho Joo said. 'We look forward to working with HII to explore new possibilities and deliver even greater value to our customers.' The efforts applied under the MOU aim to increase the collective maritime industrial base strength of both the U.S. and South Korea. A photo accompanying this release will be available following the signing event at: About HII HII is a global, all-domain defense provider. HII's mission is to deliver the world's most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world. As the nation's largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII's workforce is 44,000 strong. For more information, visit: HII on the web: HII on Facebook: HII on X: HII on Instagram: About HHI: HHI is the world's number one shipbuilder, leads the global shipbuilding industry with roughly 10% share of the market. It had delivered more than 2,300 ships to 335 shipowners in 51 countries until 2023. As a licensed national defense industrial shipbuilder and engineering consultant for the Republic of Korean Navy, has the technology to design and build modern and reliable surface and underwater combatants and auxiliary support vessels of various proven and advanced hull forms. With 50 years of naval shipbuilding experience and accumulated warship technology, HHI operates as one of the most reputable naval shipbuilders in the world. For more information, visit: HHI on the web: HII Contact:Kimberly K. HHI ContactSeong Gu in to access your portfolio
