BRIEF-TPI Composites Announces Agreement To Divest Automotive Business Unit As Part Of Continued Focus On Wind-January 2024-www.financetom.com

BRIEF-TPI Composites Announces Agreement To Divest Automotive Business Unit As Part Of Continued Focus On Wind

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BRIEF-TPI Composites Announces Agreement To Divest Automotive Business Unit As Part Of Continued Focus On Wind

Jun 17, 2024 3:52 PM

June 17 (Reuters) - TPI Composites Inc ( TPIC ):

* TPI COMPOSITES ANNOUNCES AGREEMENT TO DIVEST AUTOMOTIVE

BUSINESS

UNIT AS A PART OF CONTINUED FOCUS ON WIND

* TPI COMPOSITES INC ( TPIC ) - AS PART OF DIVESTITURE TRANSACTION,

TPI

WILL SELL ITS AUTOMOTIVE SUBSIDIARY TO CCI, WHICH WILL BE

RENAMED SENVIAS™ INC.

* TPI COMPOSITES INC ( TPIC ) - TRANSACTION IS EXPECTED TO CLOSE ON

JUNE

30, 2024

* TPI COMPOSITES INC ( TPIC ) - DIVESTITURE IS EXPECTED TO IMPROVE

MONTHLY

CASH FLOW BY ABOUT $1.7 MILLION OVER BALANCE OF 2024

* TPI COMPOSITES INC ( TPIC ) - ENTERED INTO A DEFINITIVE AGREEMENT

DIVEST ITS AUTOMOTIVE BUSINESS TO CLEAR CREEK INVESTMENTS, LLC

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