Tuesday 27 September 2016

Lockheed Martin swoops on Black Hawk as it buys Sikorsky for $8bn

Published 21/07/2015 | 02:30

A UH-60 Black Hawk helicopter sits mounted in front of the United Technologies Corp. Sikorsky helicopter plant in Stratford, Connecticut, U.S., on Monday June 15, 2015. United Technologies Corp. said it has decided to go ahead with plans to unload its Sikorsky Aircraft business and will decide between a spinoff and an outright sale by the end of the third quarter. Photographer: Douglas Healey/Bloomberg
A UH-60 Black Hawk helicopter sits mounted in front of the United Technologies Corp. Sikorsky helicopter plant in Stratford, Connecticut, U.S., on Monday June 15, 2015. United Technologies Corp. said it has decided to go ahead with plans to unload its Sikorsky Aircraft business and will decide between a spinoff and an outright sale by the end of the third quarter. Photographer: Douglas Healey/Bloomberg

Lockheed Martin has agreed to buy United Technologies' Sikorsky Aircraft for over $8bn (€7.37bn), cementing a deal that would confirm Lockheed's dominance in weapons making and giving the Black Hawk helicopter to the maker of the F-35 fighter jet.

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The deal will add further heft to Lockheed, which has annual revenues of around $45bn and dwarves its nearest competitors, the defence business of Boeing and Northrop Grumman.

It will make Lockheed less reliant on the $391bn F-35 fighter jet business, while expanding its overseas sales by adding Sikorsky's iconic Black Hawk helicopters to a product line that spans everything from satellites to naval ships.

The two companies announce the deal yesterday before both report second-quarter results today.

It will be Lockheed's largest acquisition since it bought Martin Marietta Corporation for about $10bn two decades ago. (Reuters)

Irish Independent

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