Clipper says UTC to buy 49.5 percent stake

Thu Dec 10, 2009 4:50am EST

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(Reuters) - Wind turbine manufacturer Clipper Windpower Plc CWPR.L said United Technologies Corp (UTX.N) would buy a 49.5 percent stake in the company for about 166 million pounds ($271 million), which would help boost its balance sheet.

Connecticut-based United Technologies, which provides high-technology products and services to the building systems and aerospace industries, would buy a combination of 84.3 million new shares and 21.8 million shares from existing shareowners.

The deal would enable Clipper to enhance its operations and pursue its strategic goals, while United Technologies will expand its power generation portfolio and enter the wind power segment.

Clipper's cash position fell to about $40 million at the end of September from $105.8 million in June, hurt by delayed receipts of several key payments from customers.

At 0922 GMT, Clipper's shares were up 19 percent at 173.5 pence on Thursday on the London Stock Exchange.

(Reporting by Purwa Naveen Raman in Bangalore; Editing by Mike Miller)

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