“This is a transformational transaction for Clipper, bringing substantial capital from a strategic investor who is one of the world’s leading industrial technology companies” said Doug Pertz, President and CEO of Clipper.
Carpinteria, Calif. (PRWEB) December 9, 2009
Clipper Windpower Plc (“Clipper”) today announced an agreement for a $206 million new equity investment into Clipper by United Technologies Corp. (“UTC”), one of the world’s leading industrial companies and provider of high technology products and services. Additionally, UTC has confirmed it intends to launch a partial cash tender offer to purchase up to 21.8 million Clipper shares from existing shareholders. This investment has been approved by the boards of directors of both Clipper and UTC and, once all conditions are met, will result in a 49.5% investment by UTC in Clipper.
“This is a transformational transaction for Clipper, bringing substantial capital from a strategic investor who is one of the world’s leading industrial technology companies” said Doug Pertz, President and CEO of Clipper. “We welcome the investment from UTC and their confidence in Clipper’s technology and business opportunities.”
Pertz added “Our relationship with UTC will enable Clipper access to UTC manufacturing, product development, and other industrial processes, while providing Clipper with equity financing to deliver our longer-term strategic goals. Following this transaction, we believe there is a tremendous opportunity for Clipper to grow its share and take its world-class technology to new customers.”
The transaction, subject to terms, conditions and Clipper shareholder and regulatory approvals, is expected to close in mid-January 2010.
This announcement contains forward looking statements relating to a transaction and anticipated benefits of the transaction that remain subject to uncertainty, including but not limited to statements relating to anticipated timing of the transaction, the impact on Clipper’s financial position, ability to pursue future opportunities, technology development, manufacturing and other processes and growth. Important factors that could cause actual results to differ materially from those anticipated include delays in or inability to obtain necessary regulatory approvals on acceptable terms; changes in anticipated economic conditions; challenges in the design, development, production and support of advanced technologies; delays in achieving anticipated cost reductions; and delays in and disruption in delivery of materials and services from suppliers. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof. Clipper disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law.
About United Technologies Corp.
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.
About Clipper Windpower Plc
Clipper Windpower Plc, http://www.clipperwind.com, is a company engaged in wind energy technology, turbine manufacturing, and wind project development. The Company designs advanced wind turbines, manufactures its 2.5 MW Liberty wind turbine, and actively develops wind power generating projects in the Americas and Europe. Clipper’s primary offices are in the United Kingdom and in California, USA. The Company’s 330,000 square foot manufacturing and assembly facility, located in Cedar Rapids, Iowa, is ISO9001:2000 QMS Certified. Clipper is a public company listed on AIM of the London Stock Exchange. Clipper’s ticker symbol is CWP.
The ordinary shares of Clipper Windpower Plc are traded on AIM of the London Stock Exchange and are not registered under the U.S. Securities Act of 1933, as amended. Such shares may not be offered or sold to residents of the United States or to persons acting on their behalf, or to other persons who are "United States Persons" within the meaning of Regulation S as promulgated under the Securities Act of 1933, unless such shares have been registered under the Securities Act or there is an available exemption from registration.
For further information, please contact:
Business and Trade Press:
Global Communications Director
+1 (661) 301-0400
mgates (at) clipperwind (dot) com
Investor Relations Director
+44 (0)20 7820 1078
jmatthews (at) clipperwind (dot) com
JPMorgan Cazenove (Nominated Adviser and Corporate Broker to Clipper)
+44 (0)207 588 2828
Patrick d’Ancona / Charlotte Kirkham
+44 (0)20 7920 2347 / 2331