Hanwha Aerospace Co. has named Michael Coulter, who has led the South Korean protection big’s world growth since late final yr, as the brand new president and chief govt of its US operations — a job anticipated to anchor the corporate’s rising protection and shipbuilding partnerships with Washington.
The appointment, introduced Monday, locations Coulter on the helm of Hanwha Protection USA (HDUSA), the US arm of Hanwha Aerospace. The subsidiary offers superior protection techniques and shipbuilding applied sciences to the US armed forces and industrial companions.
In his new function, Coulter will lead Hanwha’s US tasks underneath its partnership with Washington in each the shipbuilding and protection sectors.
Coulter, who joined Hanwha Aerospace final December, has served as president and CEO of the corporate’s world protection operations, overseeing Hanwha Aerospace, Hanwha Methods Co. and Hanwha Ocean Co.
His new function underscores Hanwha’s intent to bolster partnerships with Washington and develop its function in US shipbuilding and protection packages, business consultants mentioned.
VETERAN OF DEFENSE AND GOVERNMENT
Earlier than becoming a member of Hanwha, Coulter was a senior govt at Leonardo DRS, the US-based subsidiary of Italy’s Leonardo.
He brings greater than three a long time of expertise in nationwide safety and protection, together with management positions on the US Division of Protection, State Division and US Senate.
Coulter is the primary non-Korean govt to supervise a protection enterprise at a serious South Korean conglomerate.
He’ll proceed to serve on Hanwha Aerospace’s board, guiding the corporate’s world technique and coordination with its worldwide management groups, the corporate mentioned.
Mike Smith, who has led HDUSA as president and CEO, will tackle the function of chief working officer and president of the US unit’s Land Methods division.
Hanwha mentioned the transfer would “guarantee continuity” and capitalize on Smith’s operational observe document alongside Coulter.
HANWHA’S DEEPER PENETRATION IN THE US
Hanwha’s management shakeup comes because the Korean conglomerate seeks to develop its industrial and protection presence within the US.
It’s positioning itself as a key associate in efforts to revitalize the US shipbuilding business, whereas bolstering its protection industrial base amid rising geopolitical tensions.
On the middle of this technique is Hanwha Philly Shipyard Inc., a facility in Philadelphia operated by Hanwha Ocean.
The shipyard is anticipated to anchor a Korea-backed initiative dubbed “Make American Shipbuilding Nice Once more” (MASGA), a undertaking geared toward modernizing US shipyards by way of automation and synthetic intelligence.
Hanwha Ocean, previously Daewoo Shipbuilding & Marine Engineering, was chosen to guide this system given its in depth expertise constructing submarines and its current US infrastructure.
The corporate has delivered 17 of the 23 submarines commissioned by the South Korean Navy and has exported vessels to Indonesia.
A BOOST FOR US-KOREA DEFENSE COOPERATION
The Philadelphia shipyard can also be poised to play a key function in South Korea’s plan to construct nuclear-powered submarines, following authorization final week from US President Donald Trump.
The choice, made after South Korea’s President Lee Jae Myung’s summit with Trump in Gyeongju, Korea, is anticipated to pave the way in which for deeper protection cooperation between Seoul and Washington.
President Lee argued that Korean nuclear-powered submarines would cut back operational burdens on the US Navy amid persistent threats from North Korea.
Hanwha Ocean welcomed the transfer, saying it “totally helps the historic resolution made by Presidents Lee and Trump” and stands “able to contribute with cutting-edge shipbuilding applied sciences.”
Submarine development will fall underneath Korean management however will rely upon revisions to the nations’ bilateral nuclear cooperation settlement, which restricts entry to enriched uranium gas utilized in propulsion techniques.
Hanwha’s 330-meter-long Philadelphia yard – outfitted with two dry docks – can construct practically all courses of US Navy floor ships besides plane carriers.
The positioning is anticipated to function a hub for future tasks integrating Korea’s industrial shipbuilding experience with defense-grade know-how, probably creating a brand new export area of interest.
On Monday, Hanwha Aerospace reported that its third-quarter working revenue surged 79.5% year-on-year to 856.4 billion received ($599.6 million), whereas income greater than doubled to six.49 trillion received.
The protection division logged gross sales of two.10 trillion received, up 27%, with working revenue rising 30% to 502.6 billion received.
Hanwha Ocean, its shipbuilding affiliate, additionally noticed gross sales climb 11.8% to three.02 trillion received and working revenue soar greater than tenfold to 289.8 billion received, buoyed by greater gross sales of liquefied pure gasoline (LNG) carriers and different high-value vessels.
Jennifer Nicholson-Breen edited this article.
