Lockheed Martin swoops for Black Hawk maker Sikorsky

US aerospace giant Lockheed Martin has agreed the takeover of Black Hawk helicopter maker Sikorsky for $9bn, more than it was expected to pay.

Lockheed Martin has agreed to acquire the aircraft maker, which also makes the US President's Marine One helicopter, from its parent company United Technologies (UTC).

Lockheed said in press release that taking tax benefits resulting from the transaction into account would lower the actual price to nearer $7.1bn.

The American defence giant is thought to have fought off rivals in the race to buy Sikorsky, one of the world’s foremost helicopter makers, with more than 15,000 staff and $7.5bn of sales.

The helicopter industry faces a tough outlook as governments cut defence spending and the slumping oil price slashes demand for offshore flights to oil and gas platforms.

However, last year London-listed engineer Babcock acquired helicopter services provider Avincis for £920m.