at the Citizen Power Alliance 2010 Wind Conference
UTC Buys Stake In Wind Turbine Manufacturer
|Hartford-based UTC, which is increasingly focused on energy conservation technologies, said it has agreed to pay about $270 million for a 49.5 percent stake in a California-based wind turbine manufacturer called Clipper Windpower.|
The deal, which has been approved by both companies' boards but still needs approvals from Clipper's shareholders and from regulators, was announced Wednesday and positions UTC to compete with General Electric on yet another front.
GE, based in Fairfield, is already an established provider of wind power technology. GE and UTC directly compete (and, on other projects, cooperate) in the jet engine business.
"The agreement allows UTC to expand its power generation portfolio and enter the high-growth wind power segment by investing in a company with strong management and innovative technology," UTC said in its announcement. "...It also builds on UTC's existing portfolio of energy efficient products and power generation systems that respond to the world's growing demand for cleaner, more efficient solutions."
Clipper Windpower designs and manufactures wind turbines and develops wind power projects. It is based in Carpinteria, Calif., and conducts research and development there. It has a manufacturing plant in Iowa and in the United Kingdom. It had 2008 revenues of $737 million, UTC said.
UTC said it would "work closely with Clipper Windpower to improve the company's core technology, manufacturing, product quality, and supply management capabilities."
UTC typically sets aside about $2 billion a year for acquisitions.
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