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.”
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