The company states: “In December 2024, TPI Composites (TPIC) committed to a restructuring plan in order to rationalize its workforce in Turkiye in response to lower forecasted demand in 2025 for wind blades primarily exported by the Company’s customers to the European market. This decline in forecasted demand is primarily attributed to the hyperinflationary environment in Turkiye, as previously disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. The Company is reducing its headcount at its Turkish manufacturing facilities by approximately 20%. The Company currently estimates that it will recognize pre-tax charges for severance and other one-time termination benefits in the range of $9 million to $11 million. These charges are expected to be paid in January 2025.”
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TPIC:
- Largest borrow rate increases among liquid names
- Trump Trade: Meta donates $1M to President-elect’s inaugural fund
- TPI Composites downgraded to Neutral from Overweight at JPMorgan
- Morgan Stanley cuts TPI Composites to Underweight on prolonged recovery
- TPI Composites downgraded to Underweight from Equal Weight at Morgan Stanley