Buys into Schweizer's Light Heli, Recon and UAV
Markets
The speed with which
this came about is something of a surprise... though it does
quiet some interesting rumors that have been passed about, of late.
Sikorsky Aircraft has just announced an agreement to acquire
Schweizer Aircraft Corp., a privately owned US company specializing
in the light helicopter, reconnaissance aircraft, and unmanned
aerial vehicle (UAV) markets.
"Schweizer Aircraft is a great strategic fit for Sikorsky,
providing us with proven leadership, a highly skilled and dedicated
workforce, and immediate access to the light helicopter and UAV
markets," said Sikorsky President Steve Finger. "Their ability for
rapid prototyping makes them an excellent choice for advanced
concept evaluation and their high focus on product safety aligns
well with Sikorsky's own. Our mutual strengths, combined
competencies, and spectrum of aircraft and aftermarket services
will create new opportunities for the employees of both
organizations and creates value for our shareholders."
The leadership of both companies has approved the transaction.
The deal is expected to close in the third quarter of this year.
The terms of the acquisition were not disclosed. Schweizer will
operate as a wholly owned subsidiary of Sikorsky.
"The purchase of Schweizer strengthens Sikorsky's capabilities
in the UAV field, a key component in the Pentagon's
System-of-Systems concept, which integrates surveillance,
information, battle management and precision strike systems,"
Finger said. "Adding light rotorcraft and fixed-wing reconnaissance
product lines to its portfolio, will better position Sikorsky to
compete in the fast-growing Homeland Security market as well."
Sikorsky, based in Stratford, Conn., is a world leader in
rotorcraft design, manufacturing and service. It builds helicopters
in the intermediate to heavy weight classes.
Schweizer, based in Elmira, NY, is the oldest privately owned
aircraft manufacturer in the United States. "We have grown to the
point where we can benefit from the increase in financial,
technical and marketing resources that Sikorsky offers," said
company President Paul Schweizer.
Schweizer began operations in 1930 and was incorporated in 1939.
The company employs 421 workers. Its production and maintenance
employees are represented by the United Auto Workers. The Schweizer
workforce and management team are expected to remain in place
following the acquisition. Randy Simpson, previously S/H-92 program
director at Sikorsky, will become general manager of Schweizer and
relocate to the company's headquarters in New York.
In the U.S., Schweizer has operated for nearly 25 years as a
subcontractor to Sikorsky, fabricating parts and assemblies for the
Black Hawk, Naval Hawk and Super
Stallion helicopters.
Schweizer Aircraft has produced 2,160 sailplanes, 2,650
agricultural airplanes, more than 60 special purpose fixed-wing
aircraft and unmanned vehicles, and more than 900 helicopters. The
company manufactures three proprietary helicopters: the
piston-powered Model 300C and 300CBi helicopters and the
turbine-powered Model 333; two types of covert reconnaissance
aircraft: the SA 2-37B and RU-38B; and, the unmanned Fire Scout
VTUAV air vehicle under subcontract to Northrop Grumman.
Sikorsky is a subsidiary of United Technologies Corporation, of
Hartford, Conn., which provides a broad range of high-technology
products and support services to the aerospace and building systems
industries. Sikorsky helicopters occupy a prominent international
position in the intermediate to heavy range of 11,700 lb. (5,300
kg.) to 73,500 lb. (33,000 kg.) gross weight. The company's
helicopters are used by all branches of the United States armed
forces, along with military services and commercial operators in
more than 40 nations.