In a strategic financial move, South Korea’s Hanwha Group has set its sights on a major expansion into the offshore plant sector. The conglomerate, known for its vast portfolio ranging from defense to insurance, announced plans to acquire a controlling stake in Dyna-Mac Holdings, a Singapore-based firm specializing in marine plant topside structures. This isn’t just another deal on the books—Hanwha is shelling out a hefty 600 billion won (US$447.8 million) to secure its place in the competitive offshore plant market.
But Hanwha isn’t leaving anything to chance. Two of its heavy-hitting affiliates, Hanwha Aerospace and Hanwha Ocean, have stepped up with a cash tender offer of 0.6 Singaporean dollar per share. Having already snagged a 25.4 percent stake in Dyna-Mac earlier this year, the conglomerate is gunning for a majority stake to lock in full control. With the tender expected to close by the end of 2024, Hanwha is making moves fast—but there’s still the hurdle of gaining approval from Singaporean antitrust authorities before the ink dries.
For Hanwha, the deal isn’t just about bolstering its offshore capabilities; it’s about future-proofing itself against shifting global market conditions. As the demand for offshore infrastructure grows, the acquisition positions Hanwha Ocean to expand its footprint internationally. Dyna-Mac’s established presence and two manufacturing facilities in Singapore make it an ideal partner, and Hanwha is betting big that this move will strengthen its global competitive edge.
(Source: KED Global | Business Korea)
