TPI Composites (TPIC) said Tuesday it is cutting about 20% of jobs at its manufacturing facilities in Turkey under a restructuring plan amid a projected weak European demand in 2025 for its wind blade exports.
The company expects pretax restructuring charges of $9 million to $11 million, which it intends to exclude from its non-GAAP financial measures, it said in a US Securities and Exchange Commission filing.
Additional charges or cash expenditures may be incurred from unexpected events following the restructuring initiative, TPI said.
Shares of TPI Composites were advancing nearly 5% in after-hours trading.
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