BETHESDA, Md., Nov. 6 (UPI) — Lockheed Martin closed its $9 billion acquisition of Sikorsky Aircraft from United Technologies Corp.
Lockheed Martin’s announced it cleared all regulatory hurdles on Tuesday, following approval from government regulators from the United States and other countries. The purchase reaffirms Lockheed Martin’s status as leading provider of aerospace and defense products, with the aim of expanding their production of rotary-wing aircraft.
“Today we are proud to welcome the Sikorsky team to Lockheed Martin,” said Lockheed Martin chairman, president, and CEO Marilyn Hewson in a statement.. “Lockheed Martin and Sikorsky share a legacy of innovation and performance that has shaped the history of aviation for more than a century.”
Lockheed Martin has named Dan Schultz as president of Sikorsky Aircraft, now a Lockheed Martin-owned company. Schultz, a former Marine helicopter pilot, has led Lockheed Martin efforts in developing and integrating helicopter systems.
“He brings a wealth of leadership experience and a deep understanding of our international customer base,” Hewson said of Schultz. “I am confident he is the right person to lead Sikorsky at this pivotal time.”
The acquisition has been met with criticism from defense officials. U.S. Defense Department Under Secretary for Acquisition Frank Kendall told reporters in October the purchase raises concerns the defense industry may be subject to excessive consolidation, which could hinder innovation and pose a threat to national security in the process.
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