United Technologies Corp. (UTX), the industrial conglomerate, is seeking a buyer for Clipper Windpower a year after taking control of the struggling turbine maker.
United Technologies is selling Clipper, along with other units, to raise $3 billion for its purchase of Goodrich Corp. (GR), the Hartford, Connecticut-based company said today in a statement.
United Technologies decided to sell the “non-core” wind business, based in Carpinteria, California, as it reevaluates its portfolio, Chairman and Chief Executive Officer Louis Chenevert said in the statement.
United Technologies bought the 51 percent of Clipper it didn’t already own for $222 million in October 2010, after reduced orders left the wind company struggling to finance operations.
Clipper abandoned plans in August to build the world’s largest turbine, the 10-megawatt offshore Brittania model to focus on land-based products.
United Technologies is classifying Clipper as a discontinued operation. The wind unit declined to comment.