Markets
UTX

Lockheed Martin Acquires Black Hawk Helicopter Maker - Stocks in the News

Already the world's largest defense contractor, Lockheed Martin ( LMT ) has announced plans to bolster its arsenal by acquiring Sikorsky Aircraft, the maker of the famous Black Hawk helicopter.

Lockheed Martin will pay United Technologies ( UTX ) $9 billion for the aircraft manufacturer, which UTX has owned since the 1920s. United Technologies announced plans to shed Sikorsky earlier this month, as the company looks to focus its efforts on high technology systems and services for the aerospace and building industries.

In addition to the Black Hawk, Sikorsky also manufactures presidential helicopters, and its aircraft has been used to return astronauts home after they landed in the Pacific Ocean. Sikorsky accounted for $7.45 billion of United Technologies' $65.1 billion in revenue last year.

LMT shares are up over 1.5% today following the news, while UTX has slipped about 0.7%. Lockheed Martin currently holds a Zacks Rank #2 (Buy), beating out United Technologies' Zacks Rank #4 (Sell). The acquisition is set to be complete by the end of the year or the first quarter of 2016, so it will be interesting to see how the deal will affect both companies in the future.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

LOCKHEED MARTIN (LMT): Free Stock Analysis Report

UTD TECHS CORP (UTX): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

UTX LMT

Other Topics

Stocks

Latest Markets Videos