Connecticut pledges $220M in incentives to keep Sikorsky

Small BusinessAssociated Press

The office of Connecticut's governor says Sikorsky Aircraft has committed to keeping its headquarters in the state and adding jobs in an agreement that involves $220 million in state incentives.

The agreement was announced Tuesday by Democratic Gov. Dannel P. Malloy and Maryland-based Lockheed Martin. It remains subject to approval from the Sikorsky workers' union and the state Legislature.

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The deal calls for Sikorsky to build nearly 200 CH-53K King Stallion helicopters in Connecticut for the U.S. Navy until at least 2032. The incentives pledged by Malloy's office include grants and tax exemptions.

A news conference to provide additional details of the agreement is scheduled for Wednesday.

Lockheed Martin purchased the Stratford-based helicopter maker from United Technologies in November.