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United Technologies sells wind power business

Tue, 08/07/2012 - 1:13pm
The Associated Press

United Technologies Corp. says it sold its wind power company to a private equity firm, completing a deal that began in March when it announced it would unload several companies to finance its Goodrich acquisition.

The Hartford, Conn.-based conglomerate said Tuesday that it sold Clipper Windpower to Platinum Equity in Los Angeles. Terms were not disclosed.

Chief Financial Officer Greg Hayes told analysts in March that selling Clipper was not a difficult decision because the alternative energy business has stalled. United Technologies paid $382 million for Clipper in 2010.

United Technologies, which makes helicopters, elevators, jet engines and other aerospace and building systems components, bought Charlotte, N.C.-based Goodrich Corp., for $18.4 billion.

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