Lockheed Martin,the world's largest defence contractor,announced today,20 July,that it has entered into a definitive agreement to acquire Sikorsky Aircraft from United Technologies for 9 billion dollars.After a tax break,Lockheed said the final cost would be 7.1 billion.*
Sikorsky is a natural fit for Lockheed Martin and complements our broad portfolio of world-class aerospace and defence technologies,said CEO Marilyn Hewson.I'm confident this acquisition will help us extend our core business into the growing areas of helicopter production and sustainment.Together,we'll offer a strong portfolio of helicopter solutions to our global customers and accelerate the pace of innovation and new technology development.*
Pending regulatory approval,the deal is expected to close by late Q4 2015 or early Q1 2016.Despite the acquisition,Lockheed will continue on course to pay dividends and buy back shares.*
Sikorsky will become part of Lockheed's Mission Systems and Training segment.Through MST,Lockheed and Sikorsky are already partners on the VH-92 Presidential Helicopter,Combat Rescue Helicopter and Naval MH-60 Helicopter.*
Lockheed is also exploring the option of spinning off or selling its government IT and technology services businesses,which comprise about 6 billion of its estimated 2015 annual sales.As global security market dynamics shift,this review will strengthen our competitive posture,enabling sustained,profitable growth and positioning Lockheed Martin to deliver value for customers,shareholders and employees,Ms.Hewson added.*
Certain defence and intelligence programmes in the Information Systems&Global Solutions segment will not be included in the review.*
Lockheed Martin (LMT),United Technologies (UTX)
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