Fairbanks Morse Defense (FMD) and HD Hyundai Heavy Industries (HHI) have signed a memorandum of understanding (MoU) to explore opportunities for collaboration on future international navy initiatives.
HHI is the world’s largest single shipbuilding company, leading the global shipbuilding industry with approximately 13 per cent market share in CGT, based on the order backlog in 2024.
Fairbanks Morse Defense (FMD) builds, maintains, and services naval power and propulsion systems.
“The US is signaling to the world that it’s ready to reestablish itself as a shipbuilding nation, and global companies are eager to be part of that effort by working with the American industrial base,” said FMD CEO George Whittier.
“This MOU allows both our companies to explore avenues that drive mutual growth while still supporting our national manufacturing and maritime defense priorities."
“HD Hyundai Heavy Industries has been constructing high-quality warships for the Republic of Korea and allied nations for over 50 years, and we believe our expertise can significantly contribute to the US Navy,” added Won-ho Joo, Chief Executive of Naval and Special Ships at HHI.
“Fairbanks Morse Defense’s longstanding relationships with the navy make it an ideal partner for this collaboration.”