Diversified manufacturer United Technologies Corp. closed a deal to acquire a 49.5% stake in California-based wind turbine manufacturer Clipper Windpower Plc, UTC said on Jan. 13.
UTC's total investment in Clipper is approximately $270 million. Hartford, Conn.-based UTC is trying to expand its power-generation portfolio entering the growing wind-power segment, the company said. The $50 billion-plus segment for wind turbines and installation has grown at an annual rate of 25% in the past 10 years, UTC noted.
Headquartered in Carpinteria, Calif., Clipper Windpower has a turbine manufacturing plant in Cedar Rapids, Iowa, and research and development facilities in Carpinteria, Calif., and Blyth Harbor, U.K. The company, which trades on the London Stock Exchange, had 2008 revenues of $737 million.
This partnership will leverage UTC's expertise in blade technology, turbines and gearbox design. It also builds on UTC's existing portfolio of energy-efficient products and power-generation systems, the company said.