FARMINGTON — The chief financial officer of United Technologies Corp. says the $9 billion sale of Black Hawk helicopter maker Sikorsky to Lockheed Martin Corp. is set to close Friday.
CFO Akhil Johri told industry analysts Tuesday that the sale has received all regulatory approvals. The sale will generate about $6 billion in cash that the Farmington, Connecticut, aerospace and building-systems conglomerate will use to repurchase shares beginning next week.
The company has said it expects the repurchases will offset the profit lost with the sale of Sikorsky.
Sikorsky accounted for $7.45 billion of United Technologies’ $65.1 billion in revenue last year.
Sikorsky’s military business fell with U.S. troops leaving Afghanistan and Iraq. Falling oil prices also were a factor, with energy companies ferrying fewer workers to and from deep-water oil platforms.
