United Technologies Corp. (UTC) has reached agreement with the management and independent members of the board of directors of Clipper Windpower PLC to acquire all remaining shares of Clipper.
Clipper is a California-based wind turbine manufacturer that trades on the AIM Market of the London Stock Exchange. UTC currently holds approximately 49.9% of the issued share capital of Clipper. The acquisition will be implemented by way of a court-approved scheme of arrangement under the U.K. Companies Act of 2006.
The acquisition, which is valued at approximately $112 million, will enable Clipper to fully leverage UTC's management and operational expertise, as well as its technology in blades, turbines and gearbox design.
SOURCE: United Technologies Corp.