PZL Mielec will form the foundation of Sikorsky's European operations. Sikorsky and the Polish government announced the contract during a ceremony in Warsaw today.
"Sikorsky has taken a major step toward becoming a leading member of the European aerospace community," said Jeffrey Pino, Sikorsky's president. "This acquisition brings together two pioneering aerospace companies. Together, we will build on each others' strengths to create a world class aircraft manufacturer and service provider drawing upon Poland's great aerospace heritage and expertise."
Under the agreement Sikorsky will acquire a 100 percent stake in the company, which is based in the city of Mielec. The transaction is subject to regulatory approval and pre-closing conditions.
PZL Mielec is Poland's largest fixed wing aircraft manufacturer with approximately 1,500 employees. The company is wholly owned by the Industrial Development Agency (known by the Polish acronym ARP), which is a government holding company under the Ministry of Treasury.
"This investment establishes PZL Mielec as a key component of Sikorsky's long-range global strategy to meet worldwide demand for its products and services," Pino said.
In 2006 Sikorsky announced plans to develop an International BLACK HAWK helicopter variant for global customers that would be manufactured using a global supply chain.
Upon completion of this acquisition Sikorsky plans to aggressively modernize the factory and tooling at PZL Mielec to support International BLACK HAWK production and continue the current capability for aircraft design, manufacture, flight test and delivery.
Sikorsky's parent company, UTC, through its subsidiaries, currently employs more than 7,000 people in Poland in the aerospace and building systems industries.
Sikorsky Aircraft Corp. is a world leader in helicopter design, manufacturing and service. United Technologies Corp. (NYSE: UTX), of Hartford, Conn., provides a broad range of high-technology products and support services to the aerospace and building systems industries.
This press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in government procurement priorities and practices or in the number of aircraft to be built; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in United Technologies Corporation's Securities and Exchange Commission filings.