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UTC sells Clipper to private equity firm

UNITED STATES: United Technologies Corp (UTC) has sold Clipper Windpower to Platinum Equity, a private equity firm in Los Angeles.

The announcement, made this afternoon, did not disclose any of the financial terms.

A spokesperson for UTC would make no comment to Windpower Monthly on whether the Connecticut-based conglomerate would retain any interest in Clipper.

In March 2012, UTC announced it was selling Clipper, citing the flagging global wind market, uncertainty over US wind subsidies, and increasing competition from China.

UTC has owned Clipper for less than two years, having completed the acquisition in two tranches for a total of $385 million in 2010. UTC, a publicly-traded industrial conglomerate headquartered in Connecticut, has been re-focusing on its core business.

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