Hartford, Conn.-based 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 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 has a turbine manufacturing plant in Cedar Rapids, Iowa, and research and development facilities in Carpinteria, Calif., 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.
SOURCE: United Technologies Corp.