New Parent of Coatesville’s Sikorsky Hits Some Turbulence

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Image via Pete Bannan, Digital First Media.

sikorsky new logoThe merger of Coatesville’s helicopter maker and its new parent company hit some recent turbulence, but there’s still plenty of blue sky on the horizon.

Sikorsky Aircraft Corp., now a division of Lockheed Martin, could cause some financial damage stemming from a financial audit. This comes just after Lockheed’s stock price took a hit from concerns about the cost of F-35s tweeted by Donald Trump in December, according to a Philadelphia Inquirer report by Joseph DiStefano.

Lockheed “found ‘material weakness’ in accounting in the company’s newly-acquired Sikorsky division,” the article stated.

The bad news piled on top of last year’s Sikorsky layoffs of hundreds in Coatesville.

Despite the turbulence, Lockheed said it anticipates rising F-35 profits and more production from backlogs and higher forthcoming defense spending.

“Spending limits in place as Congress works out the U.S. budget for the next two years won’t block key projects like the BlackRock helicopter,” the article explained.

Read more about the latest Lockheed news in the Philadelphia Inquirer here, and check out previous VISTA Today coverage of Sikorsky here.

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