Brief: TPI Composites To Reduce Global Workforce By 18%

TPI Composites

02/12/2022 22:18

Dec 2 (Reuters)8% - TPI Composites Inc  TPIC.O :
    * 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

Further company coverage:  TPIC.O 
 ((Reuters.Briefs@thomsonreuters.com))