UTC seals Clipper takeover

UNITED STATES: United Technologies Corporation (UTC) has completed its acquisition of struggling turbine manufacturer Clipper Windpower.

UTC’s offer for the company was agreed by Clipper’s board in October. Under the terms of the deal, the manufacturer was valued at £139.5million ($220million).

The agreement also stipulated that Clipper's founder and chairman Jim Dehlsen would resign with immediate effect.

Clipper announced it was in talks with UTC about a possible takeover in September. At the time, the manufacturer said sales had fallen by 65% in the six months preceding 30 June compared with the same period in 2009.

Additionally, Clipper said there was "significant doubt of the company’s ability to continue as a going concern" if it was unable to secure the additional financing by September 30.