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Lockheed Martin to buy Sikorsky helicopter for $9 billion

AFP

The United Technologies Corporation announced Monday it is selling its helicopter manufacturing subsidiary Sikorsky for $9 billion to defense group Lockheed Martin.

Sikorsky manufactures the Black Hawk and Sea Hawk military helicopters as well as the Marine One helicopter used by the US president.

In 2014, Sikorsky had some 7.5 billion in sales, but operating profits were down.

The cash transaction with Lockheed is expected to close no later than the first quarter of 2016.

UTC will use the sale to repurchase some of its own shares as an indirect way to reward the company's shareholders.

UTC head Gregory Hayes said in a statement the sale will make sure the company stays a technology leader.

sdo/jm