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Thu, Jun 11, 2015

United Technologies Mulls Sikorsky Spinoff, Sale

Textron, Boeing, Lockheed Martin Said To Be Interested

The board of directors of United Technology Corp. are reportedly considering their options concerning Sikorsky, with several entities showing interested in the $8 billion business.

Reuters reports that sources indicated that Textron approached UTC and made an offer for Sikorsky earlier this month. That transaction could be structured in such a way that UTC would avoid a major tax bill after it is complete.

But the company has not ruled out selling the helicopter division entirely. Both Boeing and Lockheed Martin are said to be interested in acquiring Sikorsky. But the most likely scenario is one that would allow UTC to avoid a $3 billion tax bill associated with an outright sale. That would be some kind of a deal with Textron, the report said.

Sikorsky last week announced a restructuring that included a reduction in force of 1,400 jobs over the next year.

Airbus said that the European conglomerate is watching the situation "with interest."

FMI: www.sikorsky.com, www.utc.com


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