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