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US: Lockheed buying helicopter maker Sikorsky for $7.1 billion

By  |  July 20, 2015

Lockheed Martin Corp said Monday it would buy Black Hawk maker Sikorsky Aircraft from United Technologies Corp for $9 billion, cementing Lockheed’s dominance in weapons making.

Lockheed will also review the possible sale or spin off of $6 billion in other information technology and services businesses.

The Pentagon’s largest supplier called Sikorsky a “national icon” and said the net cost of the deal was around $7.1 billion, taking into account tax benefits. Lockheed also reported higher earnings and revenue for the second quarter.

The deal, first reported by Reuters on Sunday, also opens key foreign markets for Lockheed, which has annual revenues of $45 billion. It already dwarves its nearest competitors, the defense business of Boeing Co and Northrop Grumman Corp.

Full content: Washington Business Journal

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