Fairbanks Morse Defense, HD Hyundai Heavy Industries Sign Memorandum of Understanding to Strengthen Maritime Defense

BELOIT, Wis.--(BUSINESS WIRE)--Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management, and HD Hyundai Heavy Industries (HHI) have signed a Memorandum of Understanding (MOU) to explore opportunities for collaboration on future international Navy initiatives. The signing ceremony took place at the Fairbanks Morse Defense booth at Sea-Air-Space on April 8, 2025, and was signed by Won-ho Joo, chief executive of Naval and Special Ships at HHI, and George Whittier, CEO of Fairbanks Morse Defense.

“The U.S. 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 Whittier. “This MOU allows both our companies to explore avenues that drive mutual growth while still supporting our national manufacturing and maritime defense priorities.”

HHI is the world’s largest single shipbuilding company, leading the global shipbuilding industry with approximately 13% market share in CGT, based on the order backlog in 2024. With 50 years of naval shipbuilding experience and accumulated warship technology, it operates as one of the most reputable naval shipbuilders in the world.

Fairbanks Morse Defense has served the U.S. Navy, U.S. Coast Guard, and Military Sealift Command for nearly a century, providing a comprehensive portfolio of OEM parts, turnkey services, and advanced marine technologies essential for maintaining the current fleet and building the fleet of the future.

“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 U.S. Navy,” said Won-ho Joo. “Fairbanks Morse Defense’s longstanding relationships with the Navy make it an ideal partner for this collaboration.”

About Fairbanks Morse Defense (FMD)

Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For nearly 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management.

To learn more, visit www.FairbanksMorseDefense.com.

About HD Hyundai Heavy Industries (HHI)

HHI is the world’s largest single shipbuilder, leads the global shipbuilding industry with approximately 13% market share in CGT based on the order backlog in 2024. As a licensed national defense industrial shipbuilder and engineering consultant for the Republic of Korean Navy, has the technology to design and build modern and reliable surface and underwater combatants and auxiliary support vessels of various proven and advanced hull forms.

To lean more, visit https://english.hhi.co.kr

Click HERE for signing ceremony photos.