Reports: Lockheed Martin in the lead to buy Sikorsky
Multiple media reports recently have helicopter maker Sikorsky Aircraft Corp. in Stratford close to being sold to Lockheed Martin, the Maryland-based aerospace company. The main players ”“ Lockheed, Sikorsky and its parent company in Hartford, United Technologies Corp. ”“ have remained officially silent.
- The exterior of Sikorsky Aircraft in Stratford in August. File photo by Ned Gerard / Hearst Connecticut Media
AINonline, a business aviation-themed clearinghouse, reported the UTC board of directors is expected to meet this week to discuss the bids the company has received for its Sikorsky helicopter unit, which could be valued at $5 billion to $8 billion. A decision could come by the end of the month.
Reports from financial media, including Reuters and The Wall Street Journal, indicated only two suitors ”“ Lockheed Martin and Textron ”“ remained in the bidding for Sikorsky and that UTC”™s preference is for an all-cash deal. The reports said the scales tip to Lockheed Martin, whose market capitalization is $60 billion; Textron”™s is $12Â billion. AIN reported Textron would not comment until a July 28 earnings conference call.
UTC last month announced it planned to sell or spin off Sikorsky this year.
Lockheed Martin already works with Sikorsky as the system integrator for several helicopter programs, including the MH-60R&S Black Hawk variants for the Navy and Marine Corps and the new VH-92 Marine One presidential helicopter, according to AIN. The website also said Lockheed Martin, which does not sell aircraft in the civil market, could conceivably sell off Sikorsky”™s civil programs, which are domiciled separately from its main military programs in Connecticut at facilities in Coatsville, Pa., and Horseheads, N.Y.
Last year, sales of Sikorsky”™s two main civil helicopters, the S-76 and S-92, generated $1.271Â billion, according to AIN.
Stratford Mayor John Harkins said the town looks forward to decades of continued Sikorsky presence.
“Stratford has always been a welcoming host to Sikorsky Aircraft, and will continue to be, regardless of ownership at the company,” Harkins said. “Sikorsky has a long, storied history here in Stratford, and we look forward to continuing that relationship for decades to come.”