Thierry Dubois is a freelance writer specializing in helicopters, business aviation and aerospace technology. He earned a degree in fluid dynamics from an engineering school in Toulouse, France in the mid-1990s. At an unexpected crossroads, he found his first job in journalism. In 1997, he started working for French aerospace weekly Air &amp; Cosmos in Paris. This lasted until 2000, when he moved south to Lyons. He then became a freelancer, working for various aerospace publications and has been part of the AIN team since late 2000. In addition to writing about business aviation, Thierry shares responsibility for the rotorcraft section. He also is a regular on-site writer for AIN’s daily editions at international airshows such as the Paris, Farnborough, Dubai and Singapore shows, as well as at EBACE in Geneva.
In 2007, he won the Honeywell award for “Best systems or technology submission” at the Aerospace journalist of the year awards. In 2013, he won an Aerospace Media Award for the "Best Safety, Training &amp; Simulation Submission."
In other activities, Thierry moderates international conferences on aviation technology topics. Thierry is married and has three children, who seem to begin enjoying the mountains–as their parents do.

Writer

Thierry Dubois

UTC is considering selling or (more appealing from a tax perspective) spinning off Sikorsky. The helicopter manufacturer’s growth is too slow and its margin too small when compared with those of other businesses in the group, according to UTC president and CEO Gregory Hayes.

 


In a presentation on March 12, Sikorsky appears to be behind, with a margin slightly greater than 10 percent for last year and projected growth of about 3 percent through 2023. “This is not just quite the kind of business we want in terms of margin potential and long-term growth,” Hayes said. With $7.5 billion of revenue last year, Sikorsky is also the smallest of UTC’s five businesses–the other four being aircraft engines (Pratt &amp; Whitney), aerospace systems (UTAS), air conditioning (Carrier) and elevators (Otis).

 


Moreover, the company’s heavy dependence on military sales creates a level of uncertainty. “Looking to the future, we are evaluating whether Sikorsky’s unique business as a rotorcraft OEM with a predominantly military customer base is best positioned as a standalone company, and whether a separation would allow United Technologies to better focus on providing high-technology systems and services to the aerospace and building industries,” Hayes said the day before. He classified Sikorsky as a “platform integrator,” and the company’s other businesses as system providers. He noted that an independent Sikorsky would still be a Fortune 500 company.

 


However, Forecast International analysts believe that the long-term business potential for the Stratford, Conn.-based helicopter builder is bright. “Despite an anticipated downturn in the military helicopter market, Sikorsky’s long-term potential in the world rotorcraft industry is substantial. Sikorsky is the leading Western manufacturer of military rotorcraft and is expected to remain so for at least the next 15 years and likely beyond,” the analysts say. They cite recent contracts with the U.S. military, opportunities for military sales in other regions and prospects for sustained aftermarket business.

 


Forecast International predicts Sikorsky will build 1,658 military helicopters between 2015 and 2029, for a market share of 19.3 percent–second only to Russian Helicopters.

 


<h3>Options under Discussion</h3>

 


UTC’s board of directors has authorized a review of strategic alternatives. “As part of the portfolio review announced last December, we are exploring strategic options for Sikorsky to determine the best way to enhance its long-term success and create improved long-term value for UTC’s customers and shareholders,” said Hayes. UTC expects to conclude its review before year-end.

 


Selling Sikorsky could be difficult, Hayes warned, because the heavy tax liability for UTC would drive up the acquisition price. Therefore, Hayes sees a tax-free spinoff is the option with the greatest potential. He believes Sikorsky would be a successful standalone company, citing its strong backlog of close to $16 billion.

 


Sikorsky’s commercial sales are forecast to climb by 3 to 5 percent this year, with damage from declining oil prices expected to be limited because Sikorsky helicopters are deployed much more widely for oil production (82 percent) than for exploration (18 percent). Sikorsky CEO Mick Maurer said he expects the oil-and-gas market will be soft this year and next before it makes a comeback in 2017.

 


Asked whether he favors the spinoff, Maurer said he is “advocating for a robust strategic review process.” Sikorsky employs 15,200 people.

News and issues regarding all manner of civil and military rotorcraft and their powerplants, including helicopters, tilt rotors and unmanned air vehicles.

UTC Considers Sikorsky Divestiture

Helicopter manufacturer could become standalone company, as spinoff is the most likely option.

2024 Corporate Aviation Leadership Summit

AmyWilder

News and issues about aviation maintenance, repair and overhaul (MRO), covering all segments of the aviation industry; and modifications for aircraft and engines. Subjects include product support of aircraft, engines and avionics, MRO company mergers, acquisitions, announcements and personnel, Airworthiness Directives, Supplemental Type Certificate approvals and other topics.

News about bills, laws, regulations and other governmental decisions affecting aviation and aerospace. Topics include FAA re-authorizations, taxes on fuel and aviation activities, environmental legislation, ICAO decisions, governmental mediation of labor conflicts and World Trade Organization disputes and decisions.

News and issues concerning general aviation, specifically airplanes and helicopters powered by piston and alternative engines (i.e., non-turbine powered aircraft). Subjects include aircraft, engines, personnel, acquisitions, accidents, safety, security and training.

Lithium-ion battery STC expands options for helicopter operators 

Airwolf Aerospace Gets Brazil STC for TB17 Batteries 

Jessica Reed

LifeFlight's Mount Isa-based helicopter team rescued the couple and their two dogs

Helicopter Crew Makes Rescue in Australian Outback

Matt Thurber

News and information on safety procedures and concerns.

Essential news and analysis on the defense aerospace business. Your trusted source for new and ongoing programs and requirements in military aircraft (manned and unmanned), engines, avionics, weapons and associated systems, including ground-based air defense.

Testing was also conducted by the Air Force

Vita Rescue System Hoist Is Qualified by U.S. Army

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

European operators can now fly the helicopter in EU countries

Subaru Bell 412EPX Certified by EASA

ANSI standards will impose a more uniform framework

FAA Revises Human External Cargo Fall Protection Policy

New developments and products in avionics, specifically about aircraft electronics in the cockpit.

More In Rotorcraft

Airwolf Aerospace Gets Brazil STC for TB17 Batteries

Lithium-ion battery STC expands options for helicopter operators

Helicopter Crew Makes Rescue in Australian Outback

LifeFlight's Mount Isa-based helicopter team rescued the couple and their two dogs

Vita Rescue System Hoist Is Qualified by U.S. Army

Testing was also conducted by the Air Force

Subaru Bell 412EPX Certified by EASA

European operators can now fly the helicopter in EU countries

FAA Revises Human External Cargo Fall Protection Policy

ANSI standards will impose a more uniform framework

ACE Aero Modding Black Hawks with Skyryse Controls

The upgrade makes the helicopter much simpler to fly

Sikorsky Lengthens S-92 Inspection Intervals

Move will help increase availability and lower direct operating costs

Northern Rescue Growing Fleet to Five AW169 Helicopters

Shipment to New Zealand will take place next year after paint and upgrades

AIN Products

SUBSCRIPTIONS

RESOURCES

ABOUT AIN