Sikorsky Aircraft Corporation, a subsidiary of United Technologies Corporation (UTX), has entered into an agreement with SonAir Servico Aereo, S.A. (SonAir) as per which it will be supplying six S-76C++™ helicopters. The contract was signed at a ceremony held at Heli-Expo.
For the past 15 years, aircrafts from Sikorsky have been used by SonAir in its offshore oil operations in Angola, which presently has five S-76C++ aircraft and four S-76C+™ helicopters. The addition of six S-76C++™ helicopters will bring the total to fifteen.
Apart for the servicing of the offshore oil facility in Angola, the companies had earlier entered into a contract for three S-76C++™ helicopters for search and rescue (SAR) operations in Angola. The delivery of the three SAR is expected to be completed by 2011. The S-76C++ helicopter is the latest model in the S-76® aircraft series. These helicopters are also used as a means of transportation for important personnel like head of state, emergency medical transport, and civil defense.
Sikorsky also announced that it will be selling its five S-76C++™ helicopters to the Milestone Aviation Group Limited by the second half of 2011 as per a firm order contract signed in December 2010.
Further, the company signed a contract with the Maharashtra Government in India to sell an S-76C++™ helicopter for VIP transport. The announcement was made at the Heli-Expo industry show in Orlando.
United Technologies has strong market positions in aerospace/defense and global infrastructure with a portfolio that includes: Carrier, Otis, Hamilton Sundstrand, Pratt & Whitney, Sikorsky and Fire & Security. The company continues to invest in game-changing technology across the business, with its Aerospace companies continuing to make progress on their key development programs.
The company’s international operations are subject to economic risks, and results of operations may be adversely affected by changes in economic conditions, foreign currency fluctuations and changes in local government regulation. Major competitors of UTX are Boeing Company (BA) and General Electric Company (GE).
United Technologies Corporation was incorporated in Delaware in 1934. The company provides high technology products and services to the building systems and aerospace industries worldwide. Sikorsky is one of the world’s largest manufacturers of military and commercial helicopters and also provides aftermarket helicopter and aircraft parts and services.
We currently maintain our Neutral rating on United Technologies with a Zacks #3 Rank (short-term Hold recommendation) over the next one-to-three months.
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