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.”