TPI COMPOSITES, INC (TPICQ): restructuring charge — TPI Composites to sell automotive unit for $1, expects $20M impairment charge

TPI COMPOSITES, INC

Sells automotive subsidiary to CCI for $1; closing expected June 30, 2024.
Non-cash pre-tax impairment charge of ~$20M in Q2 2024 from the divestiture.
Divestiture expected to improve monthly cash flow by ~$1.7M over the rest of 2024.
President Jerry Lavine resigns effective closing date to join buyer CCI.

item 1.01 item 2.06 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Jerry Lavine

President, Automotive

TPICQ · TPI COMPOSITES, INC

Effective: 2024-06-30
Filed: June 17, 2024, 7:59 PM ET

Jerry Lavine, the Company’s current President, Automotive and a named executive officer accepted an offer of employment from CCI and in connection therewith will be deemed to have resigned effective as of the Closing Date and is discharged from his duties with the Company effective as of the Closing Date.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jerry Lavine resigned as President, Automotive at TPI COMPOSITES, INC.

Action: resigned
Role: President, Automotive

Exact text from the filing

Jerry Lavine, the Company’s current President, Automotive and a named executive officer accepted an offer of employment from CCI and in connection therewith will be deemed to have resigned effective as of the Closing Date and is discharged from his duties with the Company effective as of the Closing Date.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

TPI COMPOSITES, INC announced a impairment with charges of approximately $20 million affecting Automotive Subsidiary.

Type: impairment
Charge: approximately $20 million
Affected area: Automotive Subsidiary

Exact text from the filing

As a result of the divestiture, the Company expects to recognize a non-cash, pre-tax impairment charge of approximately $20 million during the second quarter of fiscal 2024.

View on SEC.gov

6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

TPI COMPOSITES, INC filing history →

Source: SEC EDGAR

accession 0001193125-24-162590

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