---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-162590"
form_type: "8-K"
ticker: "TPICQ"
cik: "0001455684"
company_name: "TPI COMPOSITES, INC"
filed_at: "2024-06-17T23:59:59+00:00"
generated_at: "2026-06-01T04:05:04.218773+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# TPI Composites to sell automotive unit for $1, expects $20M impairment charge

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-162590
- form_type: 8-K
- ticker: TPICQ
- cik: 0001455684
- company_name: TPI COMPOSITES, INC
- filed_at: 2024-06-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.06, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1455684/000119312524162590/0001193125-24-162590-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1455684/000119312524162590/d849169d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-162590
- JSON: https://secwatch.observer/filing/0001193125-24-162590.json
- Plain text: https://secwatch.observer/filing/0001193125-24-162590.txt

## Key facts
- Executive change
  Jerry Lavine resigned as President, Automotive at TPI COMPOSITES, INC.
  - Action: resigned
  - Role: President, Automotive
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1455684/000119312524162590/0001193125-24-162590-index.htm
- Restructurings & Charges
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1455684/000119312524162590/0001193125-24-162590-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.