Lockheed Martin announced in a press release that they have completed the acquisition of Sikorsky Aircraft, a world leader in military and commercial rotary-wing aircraft.
The acquisition advances Lockheed's commitment to providing customers with affordable and efficient mission-ready solutions.
Lockheed said in the press release that Sikorsky will also help them expand their core business into helicopter production and sustainment.
Sikorsky will also benefit with the merger as the scale of Lockheed will help it remain a technology leader at the forefront of vertical lift.
Marillyn Hewson, the chairman, president and CEO of Lockheed, said in the press release that they are proud to welcome Sikorsky to the team.
"Lockheed Martin and Sikorsky share a legacy of innovation and performance that has shaped the history of aviation for more than a century," she said. "Together, we are even better positioned to provide the best value for our customers, employees and shareholders."
Hartford Courant adds that United Technologies Corporation (UTC) sold its Sikorsky division to Lockheed for $9 billion.
The company sold it because Sikorsky's profit margins and growth potential was not as high as UTC's other divisions.
Gregory Hayes, the president and CEO of UTC, told Hartford Courant that the UTC is moving forward with a more focused portfolio with the sale of Sikorsky.
He said that they will be more focused on "aerospace and building systems businesses, operating at a global scale that will continue to provide innovative products and services, and deliver improved performance for customers and long-term growth for shareholders."
Hartford Courant adds that analysts have said they don't expect any broad-based layoffs in Sikorsky's headquarters and biggest factory in Stratford, Connecticut or in any of Sikorsky's other locations.
They said that as long as demand for helicopters remains relatively stable, there won't be much layoff.
Sikorsky has about 15,000 employees around the world, with about 8,000 in Connecticut.
Lockheed said in the press release Sikorsky Aircraft will now be known as Sikorsky, will now be known as Sikorsky, Lockheed Martin Company.
Dan Schultz, who was the vice president of Lockheed's Ship & Aviation Systems line of business, has been named as the president of Sikorsky.
Lockheed adds in the press release that Schultz led the integration efforts for Lockheed leading up to the closure.
