Lockheed Martin [LMT] on Friday closed its $9 billion acquisition of the Sikorsky Aircraft business from United Technologies Corp. [UTX] and named Dan Schultz, who led the integration efforts for the helicopter business, as president of the company’s new business unit.
Renamed Sikorsky, the helicopter company is aligned under Lockheed Martin’s Mission Systems and Training (MST) segment.
In addition to leading the integration efforts for Lockheed Martin, Schultz previously served as the vice president for the ship & aviation systems line of business within MST.
“Dan is a former Marine helicopter pilot and has decades of experience in the rotary-wing segment, including leading Lockheed Martin’s helicopter system integration business,” Marillyn Hewson, chairman, president and CEO of Lockheed Martin, said in a statement. “He brings a wealth of leadership experience and a deep understanding of our international customer base.”
Sikorsky, with 15,000 employees worldwide, will remain headquarted in Stratford, Conn.
Divesting Sikorsky allows UTC to focus on its worldwide aerospace and building systems business.
UTC plans to use $6 billion in proceeds from the sale to accelerate its stock repurchase program. The company is maintaining its financial guidance for sales and earnings this year.