TPI Composites To Reduce Global Workforce By 18%

TPI Composites Inc TPIC:

• ON DEC 2, COMMITTED TO RESTRUCTURING PLAN IN ORDER TO REBALANCE ORGANIZATION AND OPTIMIZE ITS GLOBAL MANUFACTURING FOOTPRINT

• CO WILL REDUCE ITS GLOBAL HEADCOUNT BY APPROXIMATELY 18%, PRIMARILY IN GEOGRAPHIES MOST IMPACTED BY DEMAND

• ESTIMATES THAT IT WILL RECOGNIZE PRE-TAX CHARGES TO ITS 2022 FINANCIAL RESULTS OF APPROXIMATELY $45 TO $60 MILLION

• EXPECTS TO INCUR TOTAL OF ABOUT $45 MILLION OF CONTRACT RELATED COSTS IN EXCESS OF ESTIMATED REMAINING REVENUE TO COMPLETE CONTRACT THROUGH JUNE 2024

• COMPANY EXPECTS TO RECOGNIZE APPROXIMATELY $30 MILLION OF THESE COSTS IN 2023 AND $15 MILLION IN 2024

• CONTINUE TO EXPLORE OPPORTUNITIES,OPTIONS, INCLUDING POTENTIALLY AMENDING CONTRACT,TO REDUCE/MINIMIZE IMPACT ON RESULTS OF OPERATIONS

• CHARGES ARE EXPECTED TO INCLUDE CASH CHARGES RANGING FROM $24 TO $27 MILLION AND WILL BE PRIMARILY PAID IN 2023