HARTFORD, conn. — Lockheed Martin will acquire Black Hawk helicopter maker Sikorsky Aircraft for $9 billion as it seeks greater access to the military and commercial helicopter market.
United Technologies Corp. said in June it planned to shed Sikorsky so that the aerospace and building systems conglomerate could better focus on high-technology systems for both of those industries.
Lockheed will add the world’s largest builder of military helicopters to its arsenal. “One of the key elements of our strategic planning is to secure and extend our core defense business, and we feel confident that the addition of Sikorksy will contribute significantly to the growth objective,” Lockheed Martin CEO Marillyn Hewson said.
Sikorsky also makes presidential helicopters and its aircraft have returned astronauts home after they splashed down.
Lockheed Martin plans to add Sikorsky to its mission systems and training unit. The defense contractor expects to fund the acquisition with cash on hand and new debt.
Lockheed can improve Sikorsky, particularly on contracting, cash flow and in reviewing the international security needs of customers, said chief financial officer Bruce Tanner. “We think it fits well into our portfolio, and this is what we do,” Tanner said.
