Collaborative Agreement Between HII and HHI to Enhance Shipbuilding
HII and HD Hyundai Heavy Industries Forge Strategic Partnership
In a significant development within the maritime industry, HII (NYSE: HII) and HD Hyundai Heavy Industries (HHI) have signed a memorandum of understanding (MOU) aimed at exploring collaborative opportunities in accelerating ship production. This partnership is an important step forward for both companies as they look to enhance their capabilities in defense and commercial shipbuilding projects.
Signing at the Sea Air Space Expo
The memorandum was officially signed during the Sea Air Space expo, one of the largest maritime exhibitions held in North America. The event witnessed the presence of notable figures including HII's Executive Vice President and President of Ingalls Shipbuilding, Brian Blanchette, and HHI's chief executive of the naval and special ship business unit, Won-ho Joo. The choice of venue underscores the companies' commitment to showcasing their advancements within the global maritime sector.
Commitment to National Security and Capacity Expansion
During the signing ceremony, Blanchette expressed the importance of this agreement, noting, "Today's agreement reflects our commitment to explore all opportunities to expand U.S. shipbuilding capacity in support of national security." HII aims to collaborate with its industry partners to ensure that they share best practices and accelerate the delivery of quality ships to meet pressing defense needs.
Strengthening the Maritime Industrial Base
The collaborative efforts detailed in the MOU are designed to enhance the maritime industrial base of both the United States and South Korea. By leveraging their combined expertise and resources, HII and HHI strive to advance technological innovations, streamline production efficiency, and ultimately reinforce their positions within the global defense industry.
A Milestone for Both Companies
Won-ho Joo remarked on the significance of the partnership, saying, "This partnership marks a new milestone for both of our companies and provides us with the unique opportunity to expand our expertise in shipbuilding." This joint initiative emphasizes a mutual desire to explore new possibilities and deliver greater value to their customers.
HII: A Leader in Defense Solutions
HII stands as a global leader in providing defense solutions across multiple domains. With a mission centered on delivering the world’s most powerful ships, their commitment grows stronger as they align with industry leaders. HII’s extensive experience, which spans over 135 years, enables them to deliver critical capabilities ranging from military ships to advanced unmanned systems.
Innovative Technologies at HII
As the largest military shipbuilder in the United States, HII ensures its workforce of 44,000 is dedicated to advancements in national security. Their focus includes a range of technologies such as cyber capabilities, artificial intelligence, machine learning, intelligence, surveillance, and reconnaissance, all aimed at enhancing operational effectiveness.
HD Hyundai Heavy Industries: Pioneering Shipbuilding
On the other hand, HHI has earned the title of the world’s top shipbuilder, owning approximately 10% of the global market share. With a record of delivering over 2,300 ships to shipowners in 51 countries, HHI boasts an impressive portfolio that highlights their leadership within the shipbuilding sector.
Advancements in Naval Technology
As a renowned national defense shipbuilder, HHI has the technological capability to design and construct both surface and underwater combat vessels. They have become a trusted engineering consultant for naval forces, paralleling their expertise with substantial achievements over their 50-year history.
Contact Information
HII Contact:
Kimberly K. Aguillard
228-355-5663
Email: Kimberly.K.Aguillard@hii-co.com
HHI Contact:
Seong Gu Han
Email: Seonggu.han@hd.com
Frequently Asked Questions
What is the purpose of the MOU between HII and HHI?
The MOU aims to explore collaborative opportunities to enhance ship production, focusing on both defense and commercial shipbuilding efforts.
Where was the MOU signed?
The signing took place during the Sea Air Space expo, a major maritime event in North America.
Who represented HII during the signing?
Brian Blanchette, Executive Vice President and President of Ingalls Shipbuilding at HII, represented the company during the signing ceremony.
What benefits does the partnership provide?
The partnership is expected to enhance production efficiency, drive technological innovation, and strengthen the maritime industrial base of both countries.
How many ships has HHI delivered globally?
Until 2023, HHI has delivered over 2,300 ships to customers across 51 countries, establishing itself as a leader in the shipbuilding industry.
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