United Technologies completes sales negotiations with Clipper Windpower
United Technologies buys Clipper Windpower for £139.5m
United Technologies Corporation (UTC) has completed sales negotiations with Clipper Windpower.
The US firm has agreed to pay Clipper shareholders 65 pence a share in a deal which values the wind-turbine manufacturer at around £139.5 million.
UTC, which develops a range of products and services for the aviation and building systems sectors, already owned 49.9 per cent of Clipper after it paid £166 million to seal the stake last year.
"Clipper has made significant progress during 2010 as we have established a positive momentum and sought to position the business for the future.
"Part of this progress has been as a result of our partnership with UTC and today's announcement represents the next stage in this relationship," said Mauricio Quintana, Clipper's president and chief executive.
Clipper has been making a loss following the recession as its customers reduced their investments and delayed projects.
It estimates its first-half losses be somewhere between $26 million (£16 million) and $30 million (£19 million).