The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

UTC Bails Out Clipper

United Technologies Corporation (UTC), a provider of high-technology products and services to building systems and aerospace industries, is to buy the remaining shares in the company at 65 pence (103 cents) a share, Clipper announced on 18 October.

The California-based turbine maker said the deal would enable Clipper “to fully leverage UTC’s management and operational expertise as well as its advanced technology in blades, turbines and gearbox design”.

"In the context of the challenging environment that Clipper has faced in recent years, we believe that the transaction represents good value for our shareholders and provides substantial benefits for our customers and employees," said Clipper president and chief executive Mauricio Quintana in a statement.

Industrial giant UTC bought into Clipper last December, paying £166 million ($270 million) to acquire almost half the company. But the turbine maker’s order book has since thinned, cutting the value of this investment.

In the first half of 2010 Clipper sold only 43 turbines, down from 127 in the same period of last year. In its first-half results announcement Clipper said "the current business circumstances create a material uncertainty that casts significant doubt on the Group’s ability to continue as a going concern."

Clipper makes wind turbines for plants in the UK and the US. The company is headquartered in Carpinteria, California, and has manufacturing plants in Cedar Rapids, Iowa, and in Newcastle in the northeast of the UK.

The firm’s UK factory is currently engaged in the Britannia project to create the world’s largest turbine with a 10 MW capacity.

By rating Clipper at £139.5 million ($221 million) UTC is giving shareholders a 48% premium on share prices before an approach was made in September.

Untitled Document

RELATED ARTICLES

How Wind Turbines are Becoming Photocopiers – and the Cost to Investors

Guy Auger, Greensolver We all know that the wind turbine market in Europe is an oligopoly. Power resides in the hands of very few players — and, in the offshore space, just five manufacturers (OEMs) account for 100 percent of the turbines that we...

Siemens receives onshore wind orders for UK and Ireland

Diarmaid Williams

Siemens Wind Power and Renewables Division has been awarded orders, which when in place, will be capable of delivering power to over 100,000 households across Britain and Ireland.

German onshore wind growth slows

Tildy Bayar

US Clean Power Plan Could Include Carbon Trading

Mark Drajem, Bloomberg Some businesses that back President Barack Obama’s plan to curb greenhouse gases are making a late lobbying push to add an element similar to a cap-and-trade program. With the administration set this week or next to unveil ...

CURRENT MAGAZINE ISSUE

Volume 18, Issue 4
1507REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

Doing Business in South Africa – in partnership with GWEC, the Glob...

Wind Energy in South Africa has been expanding dramatically, growing fro...

StartUp Green

AREI, American Renewable Energy Institute, in partnership with ...

AWEA Offshore WINDPOWER 2015 Conference & Exhibition

Building Up and Trending Forward With the construction of the Block Isla...

COMPANY BLOGS

Clean Energy Patents Maintain High Levels in First Quarter, Solar L...

U.S. patents for Clean Energy technologies from the first quarter of 201...

Fact Check: AWEA represents American wind power

The American Wind Energy Association (AWEA) is proud of its members for ...

Koch Professor drops his Koch title, still makes same errors plus s...

The Koch Professor’s title isn’t the only thing that’s...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS