On July 20, Lockheed Martin proclaimed that it would be purchasing Sikorsky Aircraft for $9 billion.
Announcing the news in a press release, Lockheed Martin said China’s approval effectively ends the regulatory review process, which took place in eight jurisdictions.
“With this final regulatory approval, we are one step closer to completing this historic acquisition,” said Marillyn Hewson, Lockheed Martin CEO.
Lockheed Martin said the purchase will help it to expand its business into areas of helicopter production.
“Together, we’ll offer a strong portfolio of helicopter solutions to our global customers and accelerate the pace of innovation and new technology development,” Hewson said in a July 20 press release.
Lockheed Martin shares were valued at over $219.50 per share on the New York Stock Exchange as of 11 a.m. EST Wednesday. United Technologies was valued at $100.40.
Filed Under: Aerospace + defense