Posted on 07/19/2015 7:44:35 PM PDT by BenLurkin
It will be Lockheed’s largest acquisition since it bought Martin Marietta Corp. for about $10-billion two decades ago, and the first major strategic move for both United Tech chief executive officer Greg Hayes, who was elevated to CEO from finance chief in November, and Lockheed CEO Marillyn Hewson, who has been in that position since January, 2013.
Officials at United Technologies and Lockheed declined comment.
Textron Inc. had submitted a bid for Sikorsky, but dropped out of the bidding after the price rose, according to several sources familiar with the matter.
Pentagon officials last week said they would carefully evaluate any sale of Sikorsky Aircraft, the U.S. military’s largest helicopter supplier, and it was important to the department to maintain competition and avoid market distortions.
The U.S. Defence Department can object to a merger involving its key suppliers during a federal antitrust review, which in this case could be led by the U.S. Justice Department.
Industry executives do not expect the Pentagon to block the deal, since Lockheed does not build helicopters, but said officials could ask for certain written assurances given the increased scale of Lockheed, which already posted more than $45-billion in revenues in 2014.
(Excerpt) Read more at theglobeandmail.com ...
Lockheed-Martins gain will be Connecticuts loss.We’ll have to see how soon Lockheed will want to move Sikorsky helicopter to a more economical state.Connecticut is not economical.
Watch the Blackhawks fly around the plant off the Housatonic when fishing.
Pretty cool.
I’m just glad Textron didn’t get Sikorsky!
Another of history’s little turns.
Igor Sikorsky HATED Glen Martin. They both built Clippers for Pan Am. Igor was very unhappy about some of the things that happened.
And perhaps even more galling to the Russian - Martin’s last name is now part of Lockheed Martin. Wonder if ‘Sikorsky’ will get ‘on the sign’ billing or just be a trade name?
This is a serious acquisition, one that the FTC may look into. This acquisition will make the military aircraft market much more compact.
Still, one has to wonder (well, maybe not) why the FTC never voiced a problem with the acquisition of Hunt (catsup, etc.) by Heinz (catsup, etc.). With the acquisition, Heinz probably controls nearly 90% of the U.S. catsup market. I’m sure it helps that John (F***ing ) Kerry is married to the owner of Heinz.
"Sikorsky's main plant and administrative offices are located in Stratford, Connecticut. Other Sikorsky facilities are in Shelton, and Bridgeport, Connecticut; Fort Worth, Texas; West Palm Beach, Florida; and Huntsville, and Troy, Alabama. Other Sikorsky-owned subsidiaries are in Trumbull, Connecticut; Coatesville, Pennsylvania; and Grand Prairie, Texas; among others around the world."
Hi puppypusher;)
My thoughts exactly.
I remember seeing the prototype Cheyenne at Fort Rucker as a kid in c. 1967.
Damn it all. Another great aircraft company is swallowed by Luckup Industries.
Somebody needs to do some homework.
Lockheed didn’t “Buy Martin Marietta”!
It was a MERGER!
In that merger, it was the Lockheed shares that assume the Martin value.
We kept the Martin HQ in Bethesda and elected a Lockheed exec as our first Chairman.
You are correct, it was termed a merger of equals, which got some benefit in that the DoD had already approved that type of merger, however the Lockheed exec who took over did so for only a few months and it was well understood that Martin actually was the principle in the merger. Martin execs got the lion’s share of the benefits and Augustine ended up the head honcho. Telep never even sold his house in Silicon Valley because he was not in charge long enough.
Gov. Malloy's deal to keep Sikorsky in Konnecticut was with UTC - UTC is no longer the owner of Sikorsky.
So, UTC gets the tax breaks and unloads Sikorsky, too.
We know Lockheed will move Sikorsky out - the union is killing us, paying people $25+/hr to buck rivets and drink coffee is insane....
Oh boy. I can’t wait for Lockheed Martin to do for the Army’s FVL program what they’ve done for the JSF program.
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