at the Citizen Power Alliance 2010 Wind Conference
United Technologies Dumps Wind Turbine Business
|The Hartford, Conn.-based industrial conglomerate, seeing a murky future in space travel and alternative energy, said it will sell Pratt & Whitney Rocketdyne, Clipper Windpower and its three industrial businesses at its Hamilton Sundstrand aerospace components manufacturer. It expects to raise $3 billion from the sales to finance its biggest acquisition ever….|
He added that selling Clipper was not a difficult decision because the alternative energy business has stalled. “We’ve gone into this business with the thought that there was going be a renewable energy mandate in this country and there has not been one,” Hayes said.
That’s a reversal from comments to analysts last year that United Technologies’ $382 million purchase of Clipper Windpower in 2010 would help it capitalize on a global market it valued at $60 billion.
Drexel Hamilton analyst Rick Whittington gave a mixed review to the sales. He said “good riddance” to Rocketdyne, which represents the “end of an era” in space travel. And he called Clipper a “misbegotten acquisition.”
United Technologies Seeks Sale of Clipper Windpower Turbine Unit
United Technologies bought the 51 percent of Clipper it didn’t already own for $222 million in October 2010, after reduced orders left the wind company struggling to finance operations.
Clipper abandoned plans in August to build the world’s largest turbine, the 10-megawatt offshore Brittania model to focus on land-based products.
United Technologies is classifying Clipper as a discontinued operation. The wind unit declined to comment.
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