Lockheed, United Technologies close Sikorsky deal

Lockheed-logoAccording to an article posted on Reuters.com, Friday Nov 6, 2015 – Lockheed Martin Corp has closed its $9 billion acquisition of Sikorsky Aircraft from United Technologies Corp.

According to an SEC filing by Lockheed Martin, the company borrowed $6 billion to partially fund the transaction.

Lockheed said in a news release that Dan Schultz, a Lockheed vice president of Ship & Aviation Systems, will be the president of Sikorsky. Sikorsky will keep its headquarters in Stratford, Connecticut.

In a conference call with reporters, Schultz said he did not expect any layoffs as a result of the takeover and much of Sikorsky’s current structure would be integrated into Lockheed’s Missions Systems and Training business.

Lockheed announced its planned acquisition of Black Hawk helicopter maker Sikorsky in July.

“Today we are proud to welcome the Sikorsky team to Lockheed Martin,” Marillyn Hewson, Lockheed Martin’s chief executive officer, said on Friday.

(Reporting by Idrees Ali; Editing by Jeffrey Benkoe and Frances Kerry)

Read more at Reuters http://www.reuters.com/article/2015/11/06/us-sikorsky-m-a-lockheed-idUSKCN0SV1Y520151106#fgfckSsaY3JSOCZg.99

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