United Technologies Corp. to Buy 49.5% of Clipper Windpower

Dec 16 2009 | 11:17am ET

United Technologies Corp. (UTC) has agreed to acquire a 49.5% stake in Clipper Windpower Plc, a California-based wind turbine manufacturer that trades on the AIM London Stock Exchange.

UTC’s will invest GBP 166 million ($270 million) to purchase a combination of 84.3 million newly issued shares and 21.8 million shares from existing shareowners. The investment has been approved by the boards of directors of both UTC and Clipper Windpower, and closing is pending Clipper Windpower shareholder and regulatory approval.

Clipper Windpower is engaged in wind energy technology, turbine manufacturing and wind project development. Headquartered in Carpinteria, California, the company has a turbine manufacturing plant in Cedar Rapids, Iowa, and research and development facilities in Carpinteria, California, and Blyth Harbor, U.K. The company had 2008 revenues of $737 million.

The agreement allows UTC to expand its power generation portfolio and enter the high-growth wind power segment by investing in a company with strong management and innovative technology.

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