Even though Clipper Windpower had its wings clipped by its strategic backer, Platinum Equity found an investment opportunity. The Connecticut-based strategic United Technologies Corp. announced that the company’s operations had been discontinued in anticipation of a transaction. Now, it has been revealed, Platinum Equity, the California-based private equity firm, will acquire the company for terms undisclosed.
PRESS RELEASE:
HARTFORD, Conn., Aug. 7, 2012 / — United Technologies Corp. (UTX) announced Tuesday that it has completed the divestiture of its Clipper Windpower unit to Platinum Equity.
UTC announced in March that it was moving Clipper into discontinued operations in anticipation of a transaction. Terms of the agreement were not disclosed.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.
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