TPI Composites announces restructuring in Türkiye, cutting 20% of workforce

TPI COMPOSITES, INC

Restructuring committed in December 2024 due to lower forecasted 2025 demand for wind blades exported to Europe.
Reducing headcount at Turkish facilities by approximately 20%.
Estimated pre-tax charges of $9M to $11M for severance and termination benefits, paid in January 2025.
Lower demand attributed to hyperinflationary environment in Türkiye as previously disclosed.
Company intends to exclude restructuring charges from non-GAAP financial measures.

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