HII in MOU with HD Hyundai

HII (NYSE: HII) and South Korea’s HD Hyundai Heavy Industries (HHI), two of the world’s largest shipbuilders, signed a memorandum of understanding (MOU) on April 7. Under the MOU, which was signed at HII’s booth at Sea Air Space, the two shipbuilders plan to explore opportunities to collaborate on accelerating ship production in support of defense and commercial shipbuilding projects. The MOU was signed by HII executive vice president and president of Ingalls Shipbuilding, Brian Blanchette and Won-ho Joo, chief executive of the naval and special ship business unit at HD Hyundai,

“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.”

The 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.