United Technologies to Acquire 49.5% Stake in Clipper Windpower

United Technologies Corp. (UTC) will be investing a total of 166 million pounds sterling to acquire 49.5% stake in Clipper Windpower Plc. (CWP). Clipper Windpower is a wind turbine manufacturer based in California and its shares are traded on the AIM London Stock Exchange. United Technologies is a Connecticut-based company providing a diverse range of high technology products. The company also provides support services to aerospace industries and building systems.

United Technologies will purchase 84.3 million newly issued shares from the company and 21.8 million shares from the current shareholders. The boards of both UTC and Clipper Windpower have approved this acquisition. After approval from the shareholders of Clipper Windpower and regulators the deal will be closed.

Clipper Windpower has a turbine manufacturing facility in Iowa and two research development facilities in California and UK. The company provides wind energy technology and wind project development services. The revenue for the company in the year 2008 was $737 million.

This investment in a wind power company with innovative technologies and strong management will allow UTC to enter wind power segment, which is growing at rapid pace. The wind power segment has grown at an annual rate of 25% for the past 10 years to approximately 50$ billion dollars. UTC has expertise in blade technologies, gear box design and turbines and the company will utilize the Clipper Windpower’s technology to improve the quality of its products.