The federal and state governments have reached agreements with United States’ subsidiaries of foreign-based companies to expand or establish operations in the U.S. in October.
Mitsubishi Power Americas
Mitsubishi Heavy Industries announced on Oct. 23 it will invest $490 million to expand an existing machinery facility in Savannah, Georgia, to improve Mitsubishi Power Americas’ manufacturing capabilities.
The funds will add 450,000 square feet as well as create 220 jobs across manufacturing, engineering, quality, maintenance, logistics and support, according to the news release. The investment will also add machining capacity, advanced manufacturing technologies, increased material flow efficiency and upgraded production infrastructure.
Mitsubishi Power’s Savannah Machinery Works facility manufactures parts for gas turbines, according to a Savannah Economic Development Authority press release.
The SEDA also signed an expansion framework agreement with Mitsubishi Power Americas to finalize the company’s growth in the region, according to the heavy machinery maker’s press release.
State Department inks MOUs with Finland, Denmark
The U.S. Department of State has signed memorandum of understanding agreements in October with two European countries to draw foreign investment to the United States and collaborate on new technologies.
The State Department’s MOU with Denmark, signed Oct. 22, aims to accelerate U.S. shipbuilding workforce training and draw Danish investments to its shipyards, according to the press release. The goal of the Denmark agreement is to create jobs as well as improve U.S. security.
The State Department also penned two MOUs with Finland on Oct. 29. One agreement, called the Technology Prosperity Deal, enables a collaboration to accelerate, develop and implement emerging technologies across applications related to semiconductors, space, artificial intelligence, biotechnology and industrial security, according to the White House press release. The deal also looks to upgrade shipbuilding and share Arctic technologies.
The U.S.’ other MOU, the Critical Minerals Framework, aims to improve economic security between the two countries by bolstering their critical minerals supply chains, according to a Finnish government’s press release. The deal will boost the U.S.’ investment in mineral processing and refining capacity in Finland and foster and strengthen joint research and development on the “circular economy of minerals, resource efficiency and material innovations.”
Hanwha Defense nabs Medium Landing Ship contract
Maritime management firm Tote Services has awarded Hanwha Defense USA a $269 million contract to build a medium landing ship at the company’s shipyard in Philadelphia, with the option for three additional vessels, according to a press release Monday.
The MLS deal falls under Tote’s larger $2.2 billion Vessel Construction Manager contract for the U.S. Navy and Marine Corps that it nabbed in July. The agreement supports the military services’ planned 35-MLS fleet, with the first vessel expected to be delivered in 2030.
Hanwha’s contract follows its plans to acquire a controlling stake in Hanwha Philly Shipyard to bolster its presence in the U.S. shipbuilding and defense market, according to an Oct. 29 press release. No financial details were disclosed.
The South Korea-based conglomerate’s subsidiaries Hanwha Systems and Hanwha Oceans have each held a 60% stake and a 40% stake in the shipyard since it was acquired in December 2024, respectively. In September, Hanwha Systems announced its plans to sell its stake to a shipbuilding joint venture between Hanwha Defense USA and Hanwha FutureProof.
