HARTFORD, Conn., Oct. 18 /PRNewswire-FirstCall/ -- United Technologies Corp. (NYSE: UTX) has reached agreement with the management and independent members of the board of directors of Clipper Windpower Plc (CWPL) on the terms of a cash offer by UTC to acquire all remaining shares of Clipper. Clipper is a California-based wind turbine manufacturer that trades on the AIM Market of the London Stock Exchange plc. UTC currently holds approximately 49.9 percent of the issued share capital of Clipper. The acquisition will be implemented by way of a court-approved scheme of arrangement under the UK Companies Act 2006, and remains subject to customary closing conditions and the approval of Clipper's shareholders.
The acquisition, which is valued at 65 pence per share or 70 million pounds (about $112 million), would allow UTC to secure full control of Clipper, thereby creating the long term financial stability necessary for Clipper's continued growth. The acquisition will enable Clipper to fully leverage UTC's management and operational expertise as well as its world class technology in blades, turbines, and gearbox design. 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 products.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company that provides a broad range of high technology products and support services to the building systems and aerospace industries.
This release includes "forward looking statements" concerning expected revenue, earnings and additional benefits of a transaction that remain subject to uncertainties. Important factors that could cause actual results to differ materially from those anticipated or implied in the forward looking statements include delays in or inability to obtain necessary approvals by Clipper's shareholders, court approval, and approvals by regulatory authorities on acceptable terms; changes in anticipated economic conditions; the impact of credit market conditions and limited availability of funding on customers' ability to finance wind power projects; challenges in the design, development, production and support of advanced technologies; delays in achieving anticipated cost reductions; and delays and disruption in delivery of materials and services from suppliers. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's SEC filings as submitted from time to time, including but not limited to, the information in the "Business" section of UTC's Annual Report on Form 10-K, the information included in UTC's 10-K and 10-Q Reports under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations," and the information included in Current Reports on Form 8-K.
Contact: John Moran (860) 728-7062
SOURCE United Technologies Corp.