Wed, Jun. 17, 8:04 AM
- Sikorsky Aircraft (NYSE:UTX), which is planning a spin-off or sale, has assured the U.S. Marine Corps that a change in its ownership will not derail its work on the CH-53K, a new heavy-lift helicopter the company is building for the Marines.
- Sikorsky expects the first flight of the newest helicopter before the end of the year, and possibly as early as late October or early November.
Tue, Jun. 16, 12:58 PM
- Airbus (OTCPK:EADSF, OTCPK:EADSY) is keeping an eye on United Technologies' (NYSE:UTX) plan to sell or spin off Sikorsky Aircraft, the president of the plane maker's helicopter unit says without committing to actually making a bid for the business.
- UTX’s decision to ditch Sikorsky comes as business demand for helicopters is under pressure as falling energy prices have led to cost cutting in the oil and gas sector - “The market is a difficult market as we speak,” Faury says.
- Airbus is not the only company possibly interested in Sikorsky, as UTX’s review of the business reportedly also has triggered interest from Boeing (NYSE:BA), Lockheed Martin (NYSE:LMT) and Textron (NYSE:TXT).
- Meanwhile, Faury says Airbus Helicopters is embarking on a two years study for a new heavy-lift helicopter that would emerge next decade.
Tue, Jun. 16, 10:45 AM
Mon, Jun. 15, 7:52 AM
- Many things will be achieved through a Sikorsky spin-off or sale, announced United Tech (NYSE:UTX) at the Paris Airshow, including higher organic growth, improved operating margin, better cash flow generation, increased aftermarket content and lower defense exposure.
- The company sees FY15 EPS (ex-Sikorsky) of $6.35-$6.55, organic sales growth of 3%-5% and free cash flow of 90%-100% of net income attributable to common shareholders.
- Previously: UTC establishes date for Sikorsky decision (Jun. 15 2015)
Mon, Jun. 15, 3:25 AM
- Putting a timeline on its helicopter exit, United Technologies (NYSE:UTX) has announced it will decide on spinning off or selling its Sikorsky Aircraft business by the end of the third quarter.
- "Separation of Sikorsky from the portfolio will allow both United Technologies and Sikorsky to better focus on their core businesses," said CEO Gregory Hayes.
- Previously: UTC reviewing Sikorsky options after offers (Jun. 10 2015)
Wed, Jun. 10, 2:16 PM
Wed, Jun. 10, 2:38 AM
- After receiving several offers, United Technologies' (NYSE:UTX) board of directors is scheduled to meet later this week to review the options for its $8B Sikorsky aircraft business.
- UTC is considering two tax-efficient transactions for Sikorsky: a spin-off or combination with peer Textron (NYSE:TXT).
- Alternatively, Sikorsky may be sold outright to another company. Lockheed Martin (NYSE:LMT), Boeing (NYSE:BA) and Airbus (OTCPK:EADSY) have all expressed interest.
Mon, Jun. 8, 9:02 AM
- Airbus (OTCPK:EADSY) is "watching with interest" to see whether United Technologies (NYSE:UTX) puts its Sikorsky helicopter business up for sale, Allan McArtor, the head of Airbus' U.S. division, told Reuters.
- UTC expects to make a decision on whether the conglomerate will divest Sikorsky in a couple of months.
Tue, Jun. 2, 3:09 PM
- United Technologies' (UTX +0.2%) Sikorsky Aircraft says it is cutting 1,400 jobs in the next year, ~9.2% of its global workforce of 15,200 people, amid declining demand for helicopters to shuttle workers to offshore oil platforms.
- Employee and contract positions will be eliminated in Connecticut, Pennsylvania and Poland, and the company also will consolidate some manufacturing operations.
- Sikorsky says the cuts are not related to a review by UTX of whether to sell, spin off or divest the helicopter manufacturer; a decision is expected to be announced in about a month.
Thu, May 28, 2:54 PM
- Airbus (OTCPK:EADSF, OTCPK:EADSY) says it has encountered delays in flight trials of its new A320neo single-aisle jet because of a problem on one of the engines, although the program remains on track for its first plane delivery this year.
- Flight testing is on hold for the A320neo, powered by PW1100G engines from Pratt & Whitney (NYSE:UTX), but the delay should last only a matter of days, says the head of programs for Airbus' commercial jetliner unit; Pratt & Whitney says it understands the nature of the problem and is addressing it.
- Meeting its planned launch schedule is seen as critical for Airbus, which is battling Boeing (NYSE:BA) to win new orders in the key market of narrow-body aircraft.
- Earlier: Airbus looks to ramp up A320 production
Wed, May 27, 3:42 PM
- Lockheed Martin (LMT +0.4%) CEO Marillyn Hewson says the company is open to making large deals but declines to comment specifically on whether it is interested in buying all or part of United Technologies' (UTX +0.8%) Sikorsky Aircraft.
- “We have great debt capacity,” the CEO says, adding that the company remains committed to returning most of its free cash to shareholders over the next three years.
- LMT, Boeing (NYSE:BA) and Airbus (OTCPK:EADSF, OTCPK:EADSY) are among the companies said to be exploring bids for Sikorsky or perhaps for a minority stake; LMT already is 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.
Fri, May 22, 9:20 AM
- The U.S. State Department has approved the sale of 10 Sikorsky (NYSE:UTX) MH-60R Seahawk helicopters to Saudi Arabia for $1.9B, authorizing a sale which had been discussed for years.
- The Saudi government had requested a sale of the helicopters, as well as radars, missiles and other equipment.
- UTX +0.3% premarket
Thu, May 21, 9:30 AM
- Alongside Goldman's list of 50 stocks appearing most as top holdings at hedge funds is its list of the 50 top shorts.
- New additions this quarter: Baxter Intl (NYSE:BAX), UPS, Marriott (NASDAQ:MAR), NextEra (NYSE:NEE), Ford (NYSE:F), National Oilwell Varco (NYSE:NOV), McDonald's (NYSE:MCD), M&T Bank (NYSE:MTB), CenturyLink (NYSE:CTL), Amgen (NASDAQ:AMGN), Pioneer Natural (NYSE:PXD), Duke Energy (NYSE:DUK), Seagate (NASDAQ:STX), AbbVie (NYSE:ABBV), Cisco (NASDAQ:CSCO).
- The full list (in order of $ value of short interest): AT&T (NYSE:T), Disney (NYSE:DIS), IBM, Verizon (NYSE:VZ), Intel (NASDAQ:INTC), Kinder Morgan (NYSE:KMI), Exxon (NYSE:XOM), Pfizer (NYSE:PFE), J&J (NYSE:JNJ), Deere (NYSE:DE), Caterpillar (NYSE:CAT), Exelon (NYSE:EXC), GE, Boeing (NYSE:BA), Halliburton (NYSE:HAL), Fox (NASDAQ:FOXA), Comcast (NASDAQ:CMCSA), UTX, Regeneron (NASDAQ:REGN), Merck (NYSE:MRK), salesforce.com (NYSE:CRM), AbbVie (ABBV), Conoco (NYSE:COP), Wal-Mart (NYSE:WMT), Eli Lilly (NYSE:LLY), Celgene (NASDAQ:CELG), Schlumberger (NYSE:SLB), AutoZone (NYSE:AZO), Wells Fargo (NYSE:WFC), Emerson (NYSE:EMR), McDonald's (MCD), Reynolds (NYSE:RAI), Target (NYSE:TGT), Accenture (NYSE:ACN), Coca-Cola (NYSE:KO).
Wed, May 20, 7:53 AM
- Airbus (OTCPK:EADSY) announces the first flight of its A320neo with engines supplied by CFM International.
- CFM's LEAP-1A engine is sold as an alternative power source for the jet in competition with the Geared Turbofan supplied by Pratt & Whitney (NYSE:UTX). The latter staged its maiden flight on the A320neo in September.
Tue, May 19, 6:51 PM
- United Technologies (NYSE:UTX) is talking to potential buyers for its Sikorsky Aircraft business, WSJ reports, raising the prospect that a spinoff could turn into a sale.
- Boeing (NYSE:BA), Airbus (OTCPK:EADSF, OTCPK:EADSY) and Lockheed Martin (NYSE:LMT) reportedly are among the companies exploring bids or a potential minority stake in the helicopter maker.
- Analysts estimate Sikorsky could fetch ~$10B in a full sale.
Tue, May 19, 4:54 AM
- Taking advantage of the lower borrowing costs in the eurozone, McDonald's (NYSE:MCD) and United Technologies (NYSE:UTX) are now the latest big U.S. companies to issue debt in euros (called "reverse Yankee" bonds), selling €2B and €750M, respectively.
- The total raised by U.S. companies issuing euro-denominated debt so far this year is just over €34B (not including the latest two deals), more than double the previous record of €17B in 2007.
UTX vs. ETF Alternatives
United Technologies Corporation provides high technology products and services to the building systems and aerospace industries. Its business segments are Otis, UTC Climate, Controls & Security, Pratt & Whitney, UTC Aerospace Systems and Sikorsky.
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