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United Technologies Acquires Clipper Windpower For $222M

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Dow component United Technologies (NYSE: UTX) will acquire the rest of U.K.-based Clipper Windpower it doesn't own for $222 million in cash after the wind turbine maker slumping sales put it in a financial crunch.

The wind-turbine producer said in September that it was considering ways to raise money, including acquiring lines of credit from its biggest shareholder because of lower receipts of deposits and payments from customers for existing orders, according to Bloomberg News.

Goldman Sachs (NYSE: GS) advised Clipper on the sale.

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