Monday, January 30, 2023
Hawai'i Free Press

Current Articles | Archives

Friday, March 16, 2012
United Technologies Dumps Wind Turbine Business
By Selected News Articles @ 1:02 PM :: 4839 Views :: National News, Ethics

United Technologies to sell wind, rocket engine businesses to finance $16.5B Goodrich deal

HARTFORD, Conn. — United Technologies Corp. said Thursday that it will sell its rocket engine and wind power businesses to help finance its $16.5 billion purchase of aerospace supplier Goodrich Corp.

The Hartford, Conn.-based industrial conglomerate, seeing a murky future in space travel and alternative energy, said it will sell Pratt & Whitney Rocketdyne, Clipper Windpower and its three industrial businesses at its Hamilton Sundstrand aerospace components manufacturer. It expects to raise $3 billion from the sales to finance its biggest acquisition ever….

He added that selling Clipper was not a difficult decision because the alternative energy business has stalled. “We’ve gone into this business with the thought that there was going be a renewable energy mandate in this country and there has not been one,” Hayes said.

That’s a reversal from comments to analysts last year that United Technologies’ $382 million purchase of Clipper Windpower in 2010 would help it capitalize on a global market it valued at $60 billion.

Alternative energy has stagnated with booming natural gas exploration. The nation’s supplies are bulging and natural gas is cheap. By comparison wind power is less economical than many thought it would be two years ago, he said.

Drexel Hamilton analyst Rick Whittington gave a mixed review to the sales. He said “good riddance” to Rocketdyne, which represents the “end of an era” in space travel. And he called Clipper a “misbegotten acquisition.”

read … Misbegotten Acquisition

United Technologies Seeks Sale of Clipper Windpower Turbine Unit

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.

read … Bye-Bye

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Back da Blue Hawaii

Ballotpedia Hawaii

Better Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT