United Technologies Corp. (UTC) announced that it has successfully closed its subscription and partial tender offer to acquire an aggregate 49.5% stake in Clipper Windpower Plc (CWP.L), a California-based wind turbine manufacturer.
Clipper Windpower is engaged in wind energy technology, turbine manufacturing, and wind project development. 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.
UTC expects to work closely with Clipper Windpower to improve the company’s core technology, manufacturing, product quality, and supply management capabilities. This investment leverages the world-class expertise of UTC business units in blade technology, turbines and gearbox design. It also builds on UTC’s existing portfolio of energy efficient products and power generation systems that respond to the world’s growing demand for cleaner, more efficient solutions.
UTC is a diversified company that provides a broad range of high technology products and support services to the building systems and aerospace industries.
