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Lockheed Martin Concludes $9 Billion Acquisition Of Sikorsky

 - November 9, 2015, 10:51 AM

Lockheed Martin announced on November 6 that it has completed its $9 billion acquisition of Sikorsky Aircraft, a purchase the U.S. defense contractor announced in July. Sikorsky is being folded into Lockheed Martin’s Mission Systems and Training business segment.

“Today we are proud to welcome the Sikorsky team to Lockheed Martin,” said Marillyn Hewson, Lockheed Martin chairman, president and CEO. “Together, we are even better positioned to provide the best value for our customers, employees and shareholders.”

Lockheed Martin will maintain the Sikorsky brand, as well as the helicopter manufacturer’s military and civil product lines—the latter including the S-76D medium and S-92A heavy twins. However, the fate of Sikorsky’s Schweizer small helicopter division remains in doubt.

Sikorsky and Lockheed Martin are already partners on the U.S. Navy’s MH-60R/S Seahawk and VH-92 Presidential helicopter programs and U.S. Air Force’s combat rescue helicopter. Acquiring Sikorsky further provides Lockheed Martin access to the U.S. Army’s fleet of some 2,100 UH-60 Blackhawks.

Sikorsky, which employs nearly 15,000 people overall, will retain its headquarters in Stratford, Connecticut. Dan Schultz, previously vice president of Lockheed Martin’s ship and aviation systems business line, has been named president of the newly named Sikorsky, a Lockheed Martin company.

“Dan is a former Marine helicopter pilot and has decades of experience in the rotary-wing segment, including leading Lockheed Martin’s helicopter system integration business,” said Hewson. “He brings a wealth of leadership experience and a deep understanding of our international customer base. I am confident he is the right person to lead Sikorsky at this pivotal time.”