MOBILE, Ala. (WALA) – Austal USA has confirmed it received an offer to be acquired by a defense company.
Austal issued a statement to shareholders saying it received a proposal from Hanwha Defense USA, an aerospace company based in Arlington, Virginia.
The proposal would acquire Austal’s business operations for just over $1 billion to $1.2 billion.
The statement said Austal’s board and its advisers have carefully assessed the proposal and determined it merits further evaluation. The company did not comment beyond the statement.
In a statement issued by Hanwha Defense, spokesman James Hewitt said, “Hanwha Defense USA has made a preliminary, non-binding offer to acquire Austal’s U.S. business. Any deal will be contingent on due diligence that permits a thorough evaluation of Austal USA’s operations and financials, including newly disclosed information. Hanwha has made it a priority to significantly contribute to revitalizing American shipbuilding and is exploring a range of options to expand our footprint in the United States.”
According to the company websites, Hanwha Defense USA is a subsidiary of Hanwha Aerospace, part of a multinational company headquartered in South Korea.
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