NEW YORK (TheStreet) -- United Technologies (UTX) shares are up 0.53% to $119.70 in early market trading on Wednesday as the company looks for potential buyers for its helicopter manufacturing business Sikorsky, according to the Wall Street Journal.
The company had previously announced plans to spin off the Black Hawk helicopter manufacturer, but the Journal sources indicate that United Technologies has been courting offers from defense contractors Boeing (BA), Airbus Group (AIR) and Lockheed Martin (LMT), among others.
Bids for Sikorsky are due later this month.
"As previously announced, UTC is exploring strategic alternatives for Sikorsky, which could include a sale or spinoff. We continue to expect the evaluation will be completed by midyear," a company spokesman told the Journal.
Sikorsky makes both commercial and military helicopters and is the U.S. Defense Department's largest helicopter supplier by value. The business reported $7.5 billion in sales last year with sources saying that the company could see bids in the $10 billion range.
TheStreet Ratings team rates UNITED TECHNOLOGIES CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate UNITED TECHNOLOGIES CORP (UTX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, increase in net income, largely solid financial position with reasonable debt levels by most measures, notable return on equity and increase in stock price during the past year. We feel its strengths outweigh the fact that the company shows low profit margins."