Sikorsky To Acquire Keystone Helicopter
Sikorsky Aircraft of Stratford, Conn., today announced an agreement to acquire Keystone Ranger Holdings, the privately owned parent of West Chester, Pa.-based Keystone Helicopter, an engineering, completion and technical support facility for the Sikorsky S-76 and other civil helicopters and aeromedical flight operations. As part of the transaction Sikorsky will also acquire Keystone rotor-blade and composite structure service subsidiary Composite Technology of Grand Prairie, Texas. The deal is expected to close before year-end. Terms of the acquisition were not disclosed. Officials said Keystone will continue to operate under its own name as a wholly owned subsidiary of Sikorsky. In conjunction with the acquisition, Pennsylvania Governor Edward Rendell announced that the state will provide $1.3 million to assist in Keystone Helicopter's $13 million expansion of its Coatesville, Pa., facility. Keystone is merging its West Chester operations into the Coatesville facility.