15:57 GMT26 September 2020
Listen Live
    Business
    Get short URL
    0 25
    Subscribe

    US aerospace giant United Technologies Corp said that it intends to sell or spin off its Sikorsky helicopter unit by the third quarter of this year.

    WASHINGTON (Sputnik) The US aerospace giant United Technologies Corp. (UTC) intends to sell or spin off its Sikorsky helicopter unit by the third quarter of this year, the company said in a statement on Monday.

    "Our strategic review has confirmed that exiting the helicopter business is the best path forward for United Technologies," UTC President and Chief Executive Officer Gregory Hayes said in the statement.

    Hayes said that in the coming weeks the company would “determine whether a spin off or direct sale is the best way to enhance Sikorsky's long-term success and create the most value for customers and shareholders."

    Sikorsky, best known as the manufacturer of the Black Hawk helicopter, is one of biggest suppliers to the US military.

    The decision to sell or spin off the maker of the Black Hawk helicopter will come following approval by UTC’s board, Hayes said.

    UTC has sales of nearly $60 billion a year in the commercial aerospace, defense and building industries.

    For more than 30 years the Black Hawk helicopter has been the US Army’s main utility and air attack helicopter.

    Related:

    US Sells Eight Black Hawk Helicopters to Tunisia
    US Approves $21Mln Sale of Black Hawk Helicopter for Jordan's Royal Family
    US to Sell Black Hawk Helicopters to Mexico for War on Organized Crime
    Tags:
    Black Hawk helicopter, Sikorsky, United Technologies, United States
    Community standardsDiscussion