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Thu, Mar 17, 2016

Lockheed CEO Says Sikorsky Was A Good Acquisition

Remarks Come As Sales Slump In Oil And Gas Sector

There is no buyer's remorse on the part of Lockheed Martin CEO Marillyn Hewson (pictured) when it comes to the company's acquisition of Sikorsky last year.

The company paid about $9 billion for the helicopter manufacturer just in time for a major slide in oil prices to cause helicopter sales to slump in the oil and gas sector.

But Reuters reports that at the company's annual media day, Hewson said that buying Sikorsky was "absolutely a great opportunity," and that Lockheed is bullish on the long-term prospects helicopters despite current slow sales.

Lockheed CFO Bruce Tanner said agreed that the Sikorsky would pay off for the company in the long run. He said that the company is looking at cash generation through U.S. military contracts, including the new Presidential helicopter program. He said that Lockheed bought Sikorsky not for the next three years, but "for the next three decades."

Lockheed officials said they are also optimistic that foreign sales of military helicopters would help offset losses in the civilian market.

(Image from file)

FMI: www.lockheedmartin.com

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