in General Aviation

United Technologies reaches agreement to sell its Sikorsky Aircraft business to Lockheed Martin

Posted 20 July 2015 · Add Comment

United Technologies has announced that it has reached an agreement to sell its Sikorsky Aircraft business to Lockheed Martin for $9 billion in cash.

United Technologies
United Technologies
United Technologies

The transaction, which is subject to regulatory approvals and customary closing conditions and adjustments, is projected to close by year-end or in the first quarter of 2016. Proceeds from the sale are expected to be used to fund additional share repurchase to offset the earnings impact related to the sale. 

“We are very pleased to announce this transaction,” said UTC president and chief executive officer Gregory Hayes. “Exiting the helicopter business will allow UTC to better focus on providing high-technology systems and services to the aerospace and building industries and to deliver improved and sustained value to our customers and shareowners. 

“Sikorsky’s acquisition by Lockheed Martin, one of the world’s leading aerospace and defense companies, will ensure it remains a technology leader at the forefront of vertical lift,” Hayes added. “We are committed to working closely with Lockheed Martin to execute a seamless transition for customers and employees.” 

The company will discuss this transaction at its previously scheduled conference call with investors and analysts at 8:30 a.m. EDT, Tuesday, July 21, following release of UTC’s quarterly financial results.

* required field

Post a comment

Other Stories
Advertisement
Latest News

Boeing Helena site expands to support 777X aircraft production

Boeing employees and community members have commemorated the 90,000 square-foot expansion of Boeing Helena to support 777X airplane production.

Congo Airways revises fleet expansion plans

Congo Airways is considering both Airbus and Boeing products for its narrow-body fleet expansion plans the carrier's Chief Executive Officer Desire Balazire has disclosed, reports ch-aviation.

Embraer appoints CCO for Executive Jets business unit

Embraer has appointed Stephen Friedrich as Chief Commercial Officer for the Company's executive aviation business unit, effective immediately.

Flying Colours appoints Trevor Knox as director of maintenance

Flying Colours, the North American maintenance, refurbishment and completions company that does business in Africa, has confirmed the appointment of Trevor Knox as Director of Maintenance. Knox, who takes up the position with

Lagos slumps as travel to Africa displays double-digit growth

An analysis of seat capacity for travel to the top ten international airports in Africa, produced by ForwardKeys, reveals that Lagos is seeing substantial declines in both domestic and international capacity, mainly because Arik Air

FlightSafety Academy introduces Growth and Achievement Programme for new students

FlightSafety International, that has a Learning Centre in South Africa, has announced a new Integrated Growth and Achievement Preparation Programme for students entering the FlightSafety Academy in Vero Beach, Florida.

AfBAC Expo SK2017
See us at
Aviation Africa BT18418Global Aerospace BT28218GroundHandling BT0303280917AfBAC Expo BT2017ACI Africa BT77181017