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TheStreet Open House

Sikorsky And Turkey Sign BLACK HAWK Helicopter Licensing And Manufacturing Agreements

Stocks in this article: UTX

STRATFORD, Conn., March 4, 2014 /PRNewswire/ -- Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. (NYSE: UTX), has signed agreements with the Turkish government and key Turkish aerospace contractors that license Turkey's aerospace industry to manufacture 109 T-70 helicopters (Turkish variants of Sikorsky's S-70i™ International BLACK HAWK helicopter) for operation by the Turkish Government, and to assemble 109 S-70i™ helicopters for Sikorsky.

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The agreements license the transfer of certain manufacturing technology to Turkish industry, and provide for the potential to produce up to a total of 600 aircraft, including both T-70 units for Turkish indigenous use and S-70i™ aircraft for export over the next 30 years. The agreements are subject to requisite export approvals.

"This program is unprecedented in Sikorsky's 90-year history," said Sikorsky President Mick Maurer. "We have signed contracts that collectively will raise our already strong supplier and customer relationships in Turkey to levels that we expect will endure for decades. We are very pleased that these agreements also will potentially open additional markets for the world's leading utility military helicopter while strengthening Turkish industry's position as a world-class aerospace provider."

Under the program, known as the Turkish Utility Helicopter Program, Sikorsky has signed agreements with the Turkish Undersecretariat for Defence Industries (SSM) and two Turkish defense contractors, Turkish Aerospace Industries, Inc. (TAI) and Aselsan A.S.  TAI is the prime contractor for T-70 licensed production and assembly in Turkey for multi-mission use by the Turkish government. The aircraft will be assembled in Turkey by TAI and will include components supplied by Sikorsky and other American and Turkish companies. Aselsan will develop a new cockpit avionics system that will be featured in the T-70 aircraft.

Turkey's Defence Industry Executive Committee has reported a total program value of $3.5 billion, inclusive of the work to be performed by Sikorsky, TAI and other TUHP suppliers. In addition to the work with TAI and Aselsan, Sikorsky will expand the manufacturing capability of Alp Aviation, which is 50 percent owned by Sikorsky.

Sikorsky Aircraft Corp., based in Stratford, Conn., USA, is a world leader in helicopter design, manufacture and service. United Technologies Corp., based in Hartford, Conn., USA, 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 potential production and sale of helicopters and components thereof. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the ability to obtain export licenses, changes in international government helicopter procurement, budget plans or availability of funding; 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.

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