Nothing but negotiation

The Gap Partnership

United Technologies completes sales negotiations with Clipper Windpower

United Technologies buys Clipper Windpower for £139.5m

18 October 2010

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). 

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