United Technologies to Invest in Clipper Windpower
United Technologies Corp. announced it has agreed to acquire a 49.5% stake in Clipper Windpower Plc, a California-based wind turbine manufacturer. UTC’s total investment will be approximately $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 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. The $50 billion-plus segment for wind turbines and installation has grown at an annual rate of 25% during this decade.
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.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company that provides a broad range of high technology products and support services to the building systems and aerospace industries.