United Technologies Selling Sikorsky Aircraft Unit, Getting Out of The Helicopter Business
This past Sunday, United Technologies announced it would be selling its Sikorsky Aircraft unit and getting out the helicopter business as a whole.
CEO Gregory Hayes said in a statement that the, “separation of Sikorsky from the portfolio will allow both United Technologies and Sikorsky to better focus on their core businesses.”
In the end, it was a strategic move that had been discussed for months, if not longer.
Reuters reported that Sikorsky president Bob Leduc stated that the helicopter business faced near-term challenges from a plunge in investment from the oil and gas sector, which make up about 80% of all its commercial sales.
The only left before the separation is the board’s final approval which is expected to come sooner rather than later.