Exclusive: Lockheed to buy United Tech's Sikorsky for over $8 billion
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RBC Capital Cuts Price Target to $114 Following United Technologies (UTX) 2Q EPS Beat
July 22, 2015 7:40 AM EDTRBC Capital maintained an Outperform rating on United Technologies (NYSE: UTX), and cut the price target to $114.00 (from $141.00), following its 2Q15 earnings report. UTX reported 2Q15 EPS of $1.73, beating consensus by 2c. Management decided to cut 2015 guidance with the EPS forecast declining from $6.356.55 to $6.156.30. Analyst... More
RBC Capital Raises Price Target on Lockheed Martin (LMT) Following Early 2Q15 Results and Announced Sikorsky Acquisition
July 21, 2015 6:48 AM EDTRBC Capital reiterated a Sector Perform rating on Lockheed Martin (NYSE: LMT), and raised the price target to $220.00 (from $206.00), following announced Sikorsky acquisition and 2Q15 results. Analyst Robert Stallard said that LMT reported results one day earlier than planned, but it was a typical quarter, with... More
United Technologies (UTX) to Sell Sikorsky Aircraft Unit in $9B Deal; Approves 75M Common Stock Buyback
July 20, 2015 7:35 AM EDTUnited Technologies (NYSE: UTX) announced that it has reached an agreement to sell its Sikorsky Aircraft business to Lockheed Martin Corp. (NYSE: LMT) for $9 billion in cash. The transaction, which is subject to regulatory approvals and customary closing conditions and adjustments, is projected to close by year-end or in the first quarter of 2016. Proceeds from the sale are expected to be used to fund additional share repurchase to offset... More
Lockheed Martin (LMT) to Acquire Sikorsky in $9B Deal (UTX)
July 20, 2015 7:31 AM EDTLockheed Martin (NYSE: LMT) has entered into a definitive agreement to acquire Sikorsky Aircraft, a world leader in military and commercial rotary-wing aircraft, for $9.0 billion. The price is effectively reduced to approximately $7.1 billion, after taking into account tax benefits resulting from the transaction.
"Sikorsky is a natural fit for Lockheed Martin and complements our broad portfolio of world-class aerospace and defense products and technologies," said Marillyn Hewson, Lockheed Martin chairman, president and CEO. "I'm confident this acquisition will help us extend our core business into the growing areas of helicopter production and... More
