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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lockheed Martin Corp | NYSE:LMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.29 | -0.28% | 461.91 | 462.93 | 457.1701 | 462.93 | 910,783 | 01:00:00 |
By Doug Cameron
The head of Lockheed Martin Corp. on Wednesday declined to comment on whether the company was interested in buying all or part of Sikorsky Aircraft Corp., but said the company had the financial capacity for large deals.
Lockheed Martin is among those exploring bids for the maker of the Black Hawk helicopter, The Wall Street Journal reported earlier this month, but such a move would mark a strategic shift, as the world's largest defense company has to date focused on providing systems for rotorcraft rather than manufacturing and assembly.
Boeing Co, which has also been linked to interest in Sikorsky, a unit of United Technologies Corp., played down its potential interest in a move that would combine the Pentagon's two largest helicopter makers.
United Technologies announced plans earlier this year to explore strategic alternatives for Sikorsky and aims to complete a review in the summer. A spinoff is viewed as the most-likely option because of a large historical tax liability that would likely be triggered by any sale.
Sikorsky had sales of $7.5 billion last year and could fetch $10 billion in a full sale, according to people familiar with the review.
"I'm not going to speculate about what we're going to do," said Lockheed Martin Chief Executive Marillyn Hewson, when asked about Sikorsky at an industry conference in New York.
Lockheed spent around $900 million on a series of small acquisitions last year, but Ms. Hewson on Wednesday didn't rule out larger deals if opportunities arose. "We have great debt capacity," she said, adding the company remains committed to returning most of its free cash to shareholders over the next three years.
Lockheed is already a partner with Sikorsky on programs including a planned new rescue helicopter for the Air Force and the replacement for the rotorcraft used as Marine One by the U.S. president. Lockheed has in the past focused on providing electronic systems rather than building helicopter platforms.
Boeing President and Chief Operating Officer Dennis Muilenburg later on Wednesday declined to comment on the potential fit with Sikorsky when asked about its interest at the same investor event.
He said Boeing was focused on organic growth for its defense business, and expected any merger or acquisition activity to be limited to bolt-on purchases that "fill out the gaps in our organic strategy."
Boeing, which makes the Apache and Chinook helicopters for the Pentagon and overseas customers, is also joined with with Sikorsky in developing a new family of rotorcraft for the Pentagon.
Airbus Group NV, which owns the world's largest helicopter maker by revenue, is also among the companies exploring bids for Sikorsky or, alternatively, for a minority stake.
Analysts said the Pentagon would likely have reservations about any consolidation of its primary helicopter suppliers, which also include the Bell unit of Textron Inc.
--Jon Ostrower contributed to this article.
Write to Doug Cameron at doug.cameron@wsj.com
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