New Owner Plans to Keep Sikorsky in Stratford

The new owner of Sikorsky Aircraft plans to stay in Stratford and keep its iconic name, officials said on Monday following the announcement of the $9 billion deal.

United Technologies Corp. officially announced Monday morning that it has reached an agreement to sell Sikorsky Aircraft to Maryland-based Lockheed Martin Corp.

The Connecticut Post reports Lockheed expects to save $150 million a year from the deal through a combination of possible job cuts, facility consolidation and the elimination of overlapping procurement costs.

Lockheed hasn’t specified any impact on jobs in Stratford, according to the Post.

The sale represents a culmination of the corporation’s strategic review in which announced last month that it would pursue the spinoff or sale of Sikorsky.

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“We are very pleased to announce this transaction,” UTC President and Chief Executive Officer Gregory Hayes said in a statement. “Exiting the helicopter business will allow UTC to better focus on providing high-technology systems and services to the aerospace and building industries and to deliver improved and sustained value to our customers and shareowners.

“Sikorsky’s acquisition by Lockheed Martin, one of the world’s leading aerospace and defense companies, will ensure it remains a technology leader at the forefront of vertical lift. We are committed to working closely with Lockheed Martin to execute a seamless transition for customers and employees.”

Stratford Mayor John A. Harkins said the town looks forward to working with Sikorsky’s new ownership.

“Sikorsky has a long, rich history in Stratford since the helicopter was invented here in Connecticut,” Harkins said in a statement. “We look forward to meeting and working with Sikorsky’s new ownership, just as we always have with United Technologies. We will also continue working with state and federal officials to help keep Sikorsky in Stratford for decades to come.”

The company will discuss this transaction at its previously scheduled conference call with investors and analysts at 8:30 a.m. EDT, Tuesday, July 21, following release of UTC’s quarterly financial results.

“Sikorsky is a natural fit for Lockheed Martin and complements our broad portfolio of world-class aerospace and defense products and technologies,” Marillyn Hewson, Lockheed Martin chairman, president and CEO, said in a press release. “I’m confident this acquisition will help us extend our core business into the growing areas of helicopter production and sustainment. Together, we’ll offer a strong portfolio of helicopter solutions to our global customers and accelerate the pace of innovation and new technology development.”

U.S. Congresswoman Rosa DeLauro (D-Conn.), who represents Stratford, released the following statement on the sale:

“Lockheed Martin and Sikorsky already have a strong working relationship, including the current Marine One contract. (Sikorsky President) Bob Leduc and I spoke this morning and I am pleased to hear that existing collective bargaining agreements between Sikorsky and its unions will remain intact, and that all its existing contractual obligations will be honored. Further, Sikorsky will be staying in Stratford and keeping its iconic name. That is good news for the generations of people who have poured their sweat into building Sikorsky helicopters and will continue to do so for years to come.

“Also good news is that Lockheed Martin is committed to both the military and commercial helicopter business. I will work closely with their leadership to ensure that the work currently being done in Stratford stays in Stratford.

“I welcome Lockheed Martin to the helicopter business and look forward to working with them as they deliver the world’s best helicopters to our brave men and women in the Armed Forces.”