Business

TPI Composites to cut 18% of global workforce during restructuring (NASDAQ:TPIC)


Wind farm turbines caught in the sunset sky.  Nice contrast with the blue sea.  ecological concept.  3d rendering

Rost-9D/iStock via Getty Images

TPI composites (NASDAQ:TPIC) revealed Friday it will reduce global headcount by ~18% as part of a restructuring, including the end of production at the Yangzhou, China manufacturing facility.

TPI (TPIC) estimate it will realize $45M-$60M in pre-tax fees related to the 2022 financial results, including $24 million – $27 million in cash fees to be paid primarily in 2023.

The company is expected to incur ~$45 million in estimated residual revenue excess costs related to the completion of the contract through June 2024, related to the takeover of production at the facility. customer production in Mexico.

The factory will revert to customers in June 2024, but TPI (TPIC) said it will continue to explore opportunities and options to reduce the impact on its operating results.

“Wind Rises [are] blow” for TPI Composites (TPIC) “after a low-energy 2022,” Mike Zaccardi wrote in a New analysis published on Seeking Alpha.

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button