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

United Technologies Sells Clipper Windpower to Platinum Equity

United Technologies Sells Clipper Windpower to Platinum Equity

United Technologies Corp., the industrial conglomerate, sold its Clipper Windpower unit to Platinum Equity LLC, completing a divestiture announced in March.

United Technologies, based in Hartford, Connecticut, didn’t disclose terms of the deal in a statement today.

The company in March said it was seeking the sale of Clipper and other units to raise $3 billion for its purchase of aerospace parts-maker Goodrich Corp. United Technologies’ sold its Pratt & Whitney Rocketdyne unit to GenCorp Inc. for $550 million in July.

United Technologies bought a 49.5 percent stake in Clipper for $206 million in December 2009 and paid $222 million to buy the rest of the company a year later. Reduced orders left the Carpinteria, California-based wind-turbine maker struggling to finance operations.

“We bought into this business with the thought that there was going to be a renewable energy mandate in this country, and there has not been one,” United Technologies Chief Financial Officer Greg Hayes said in March at a New York investor meeting.

“We went into this business thinking that the growth we’d seen in the last five years would continue as the push for renewables in this country accelerated,” he said, “That has not happened.”

Copyright 2012 Bloomberg
 

CURRENT MAGAZINE ISSUE

03/01/2015
Volume 18, Issue 3
file

STAY CONNECTED

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

FEATURED PARTNERS



EVENTS

Doing Business in Brazil – in partnership with GWEC, the Global Win...

Brazil is one of the most promising markets for wind energy.  Ranke...

Energy Storage USA 2015

Energy Storage USA is the leading conference in the United States focuse...

Wind Power Central America

Wind power projects are expected to reach 46GW of total installed capaci...

COMPANY BLOGS

SunEdison Expands Residential Market Offerings with New PPA, Sales ...

SunEdison has largely focussed on the commercial and utility-scale solar...

Are You Ready for a Natural Disaster?

Guest post by Jenna Clarke  Living in the Shenandoah Valley of Virg...

Deadline for Inclusion in Solar Power World's Top Solar Contractors...

UPDATE: The official deadline for the Solar Power World T...

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS