Lockheed Martin to acquire Sikorsky for $9 billion

Sikorsky's BLACK HAWK helicopter

NEW YORK — Lockheed Martin has agreed to buy Black Hawk helicopter maker Sikorsky Aircraft for $9 billion.

Lockheed Martin Corp. said that it plans to add Sikorsky to its mission systems and training unit.

United Technologies Corp. had previously announced that it planned to shed Sikorsky, either through a sale or spinoff. The aerospace and building systems conglomerate wants to focus on high-technology systems and services for the aerospace and building industries.

"We are very pleased to announce this transaction," said UTC President and Chief Executive Officer Gregory Hayes. "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," Hayes added. "We are committed to working closely with Lockheed Martin to execute a seamless transition for customers and employees."

Aside from Black Hawk helicopters, Sikorsky makes presidential helicopters. Sikorsky helicopters have also returned astronauts home after they splashed down in the Pacific Ocean at the end of their space travels.

The deal is targeted to close by the end of the year or in 2016's first quarter.