Free Daily Headlines :

  • COVID-19
  • Vaccine Info
  • Money
  • Politics
  • Education
  • Health
  • Justice
  • More
    • Environment
    • Economic Development
    • Gaming
    • Investigations
    • Social Services
    • TRANSPORTATION
  • Opinion
    • CT Viewpoints
    • CT Artpoints
DONATE
Reflecting Connecticut’s Reality.
    COVID-19
    Vaccine Info
    Money
    Politics
    Education
    Health
    Justice
    More
    Environment
    Economic Development
    Gaming
    Investigations
    Social Services
    TRANSPORTATION
    Opinion
    CT Viewpoints
    CT Artpoints

LET�S GET SOCIAL

Show your love for great stories and out standing journalism

Lawmakers say Sikorsky may leave UTC, but probably not CT

  • Politics
  • by Ana Radelat
  • June 17, 2015
  • View as "Clean Read" "Exit Clean Read"
Marine One, the presidential helicopter, manufactured by Sikorsky.

White House photo

Marine One, the presidential helicopter, manufactured by Sikorsky.

Washington – United Technologies Corportion’s decision to shed Sikorsky Aircraft sent tremors through the Connecticut congressional delegation, but there’s new optimism that whatever changes the company faces, it will stay in Connecticut.

“I think the physical infrastructure and human capital is unique,” said Sen. Chris Murphy, D-Conn.

When United Technologies confirmed on Monday it had decided to spin off or sell Sikorsky, Murphy tweeted “my focus remains on ensuring Sikorsky helicopters are made in CT, no matter who owns the company.”

But Murphy can only press the government to block Sikorsky’s sale to a foreign company — European Airbus Helicopters is eyeing Sikorsky — because so much of Sikorsky’s business is with the Pentagon, and a national security argument can be made.

But there are plenty of U.S.-based companies interested in Sikorsky, among them Lockheed Martin, Boeing and Textron’s Bell Helicopters.

Sen. Richard Blumenthal, D-Conn., said UTC executives “are very optimistic about the bids they’ve received.”

He said he could not disclose the companies who have made those bids, but is confident of their commitment to keep Sikorsky in Connecticut.

The UTC board is expected to meet in the next few days to review the offers it has received.

A significant hurdle to a sale of Sikorsky is that the company’s value has appreciated since it became a part of UTC in 1929, and a sale could come with a big tax bill — as high as $3 billion in some reports.

Blumenthal said UTC is discussing “a variety of corporate structures that could be used” to lighten the tax load.

Loren Thompson, a defense analyst with the Lexington Institute, said there’s a good possibility Silorsky would be spun off as its own company for two years to eliminate the tax bill, then sold.

“At that point, an acquisition is much easier,” Thompson said.

He also said, “There is no way anybody is going to move Sikorsky from Connecticut.”

“There is no way they could replace the workforce or the supply chain,” he said.

Forbes has speculated Sikorsky could be sold to Bell Helicopters through a “Reverse Morris Trust,” which is a way a parent company can spin off a subsidiary  and merge it with another company in a tax-free fashion.

Blumenthal said a merger with another company could bring capital support and new investment in the Sikorsky plant in Stratford.

“There’s a lot of reason for hope and cautious optimism,” he said.

Sign up for CT Mirror's free daily news summary.

Free to Read. Not Free to Produce.

The Connecticut Mirror is a nonprofit newsroom. 90% of our revenue comes from people like you. If you value our reporting please consider making a donation. You'll enjoy reading CT Mirror even more knowing you helped make it happen.

YES, I'LL DONATE TODAY

ABOUT THE AUTHOR

Ana Radelat Ana has written about politics and policy in Washington, D.C.. for Gannett, Thompson Reuters and UPI. She was a special correspondent for the Miami Herald, and a regular contributor to The New York TImes, Advertising Age and several other publications. She has also worked in broadcast journalism, for CNN and several local NPR stations. She is a graduate of the University of Maryland School of Journalism.

SEE WHAT READERS SAID

RELATED STORIES
Connecticut House joins national civil rights campaign over Black hair styles
by Mark Pazniokas

The Connecticut House voted for a bill intended to protect Black women from discrimination over their hair.

CT legislature poised to make early budget pledge to help cities and towns
by Keith M. Phaneuf

The state House is expected to approve more than $100 million in new, annual PILOT grants to municipalities.

Connecticut GOP picks Susan Hatfield as state chair
by Mark Pazniokas

Susan Hatfield, vice chair of the Connecticut Republican Party, will complete the term of the former chair, J.R. Romano.

Senator alleges voter fraud, but no complaint was filed
by Mark Pazniokas

Rob Sampson said a voter in his district was told an absentee ballot already had been cast in her name.

Boston Fed chief predicts strong economic recovery begins in 2nd half of 2021 if vaccine reaches enough people
by Keith M. Phaneuf

A strong economic rebound also depends on states helping those hit hardest by COVID-19, a federal reserve official said.

Support Our Work

Show your love for great stories and outstanding journalism.

$
Select One
  • Monthly
  • Yearly
  • Once
Artpoint painter
CT ViewpointsCT Artpoints
Opinion The historical basis of zoning begs for reform
by Lawrence Rizzolo

Discussions of race are fraught with emotion. Witness the zoning reforms being discussed in our legislature. I will attempt to advance a dispassionate argument that is based on government-sponsored racism that occurred during my lifetime and led to the structural problems that persist today.

Opinion Lamont must stop waffling on the Killingly power plant issue
by Tennyson Benedict

On January 19, Gov. Ned Lamont gave his bluntest comments yet regarding the controversial Killingly natural gas plant, saying, “I don’t want to build Killingly.”  Yet, Lamont still refuses to wield his executive authority to actually stop its construction, and instead offers vague suggestions that market forces will stop the plant’s construction.

Opinion Religious freedom is less than righteousness
by Spencer Hill

The CT Viewpoints opinion “Religious freedom is more than religion” shows just how entrenched is the sincerely held belief that one man’s notion of “freedom” dictates the liberty of others.

Opinion To boost economy, state should invest in the ‘last mile’ of broadband connectivity
by Thomas J. Peters, Ph.D

In his budget address on February 10,   Gov. Ned Lamont announced his intent to expand broadband connectivity in Connecticut, an effort to be lauded. Connecticut enjoys a significant competitive advantage for economic development in the Connecticut Education Network (CEN), “ a 2,500 route mile, all optical, high-performance internet network.”

Artwork Grand guidance
by Anne:Gogh

In a world of systemic oppression aimed towards those of darker skintones – representation matters. We are more than our equity elusive environments, more than numbers in a prison and much more than victims of societal dispositions. This piece depicts a melanated young man draped in a cape ascending high above multiple forms of oppression. […]

Artwork Shea
by Anthony Valentine

Shea is a story about race and social inequalities that plague America. It is a narrative that prompts the question, “Do you know what it’s like to wake up in new skin?”

Artwork The Declaration of Human Rights
by Andres Chaparro

Through my artwork I strive to create an example of ideas that reflect my desire to raise social consciousness, and cultural awareness. Jazz music is the catalyst to all my work, and plays a major influence in each piece of work.”

Artwork ‘A thing of beauty. Destroy it forever’
by Richard DiCarlo | Derby

During times like these it’s often fun to revisit something familiar and approach things with a different slant. I have been taking some Pop culture and Art masterpieces and applying the vintage 1960’s and 70’s classic figures (Fisher Price, little people) to the make an amusing pieces. Here is my homage to Fisher -Price, Yellow […]

Twitter Feed
A Twitter List by CTMirror

Engage

  • Reflections Tickets & Sponsorships
  • Events
  • Donate
  • Newsletter Sign-Up
  • Submit to Viewpoints
  • Submit to ArtPoints
  • Economic Indicator Dashboard
  • Speaking Engagements
  • Commenting Guidelines
  • Legal Notices
  • Contact Us

About

  • About CT Mirror
  • Announcements
  • Board
  • Staff
  • Sponsors and Funders
  • Donors
  • Friends of CT Mirror
  • History
  • Financial
  • Policies
  • Strategic Plan

Opportunity

  • Advertising and Sponsorship
  • Speaking Engagements
  • Use of Photography
  • Work for Us

Go Deeper

  • Steady Habits Podcast
  • Economic Indicator Dashboard
  • Five Things

The Connecticut News Project, Inc. 1049 Asylum Avenue, Hartford, CT 06105. Phone: 860-218-6380

© Copyright 2021, The Connecticut News Project. All Rights Reserved. Website by Web Publisher PRO