United Technologies Corporation (UTC) has agreed to acquire a 49.5 per cent stake in Clipper Windpower, a California-based wind turbine manufacturer that trades on the AIM London Stock Exchange.
UTC’s total investment will be £166m, which it will use 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 approval from Clipper Windpower’s shareholder and regulatory bodies.
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, plus research and development facilities in Carpinteria, California and Blyth Harbour, UK.
The company had 2008 revenues of $737m (£423m).
UTC expects to work closely with Clipper Windpower to improve the company’s core technology, manufacturing, product quality and supply management capabilities.