United Tech Closes Sale Of Sikorsky Aircraft Business; Backs 2015 Outlook

(RTTNews) - United Technologies Corp. (UTX) announced it has closed on the sale of its Sikorsky Aircraft business to Lockheed Martin Corp. (LMT).

For continuing operations in 2015, United Technologies continues to expect earnings per share in a range of $6.15 to $6.30 and sales of between $57 billion and $58 billion. Analysts polled by Thomson Reuters expect the company to report earnings of $6.26 per share and revenues of $57.22 billion for fiscal year 2015. Analysts' estimates typically exclude special items.

As previously announced, UTC intends to use $6 billion in net proceeds from the Sikorsky sale for an accelerated share repurchase program, reflecting the company's commitment to deliver sustainable shareholder value.

Separately, Lockheed Martin said it has closed its acquisition of Sikorsky Aircraft, a world leader in military and commercial rotary-wing aircraft. Aligned under the Lockheed Martin Mission Systems and Training (MST) business segment, Sikorsky Aircraft is now known as Sikorsky, a Lockheed Martin company.

Sikorsky, a Lockheed Martin company, will retain its headquarters in Stratford, Connecticut. The line of business employs nearly 15,000 employees in 11 countries. Its helicopters are used by all five branches of the U.S. armed forces, along with military services and commercial operators in 40 nations.