UTC Plans To Divest Sikorsky


United Technologies Corp., the parent company of Sikorsky, said on Monday at the Paris Air Show it plans to spin off or sell the helicopter company. “Our strategic review has confirmed that exiting the helicopter business is the best path forward for United Technologies,” said Gregory Hayes, CEO of UTC, in a news release. “Separation of Sikorsky from the portfolio will allow both United Technologies and Sikorsky to better focus on their core businesses.” A decision whether Sikorsky will be spun off or sold is expected by the end of the third quarter, the company said, subject to final approval by the board. Interest in acquiring the helicopter business already has been expressed by Airbus, Boeing, Lockheed Martin and Textron, according to The Wall Street Journal.

Sikorsky, founded in 1925, builds a variety of helicopters for military and civilian use, as well as a few fixed-wing aircraft, and is based in Stratford, Connecticut. The company’s value is about $8 billion, according to Reuters. Earlier this month, the company announced it plans to cut up to 1,400 jobs, or about 9 percent of its workforce. Bob Leduc, president of Sikorsky, told Reuters the company is robust and has been strengthened by a recent restructuring. “We will be the last man standing,” he said.