04:56 PM EST, 12/31/2024 (MT Newswires) -- 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 ( TPIC ) were advancing nearly 5% in after-hours trading.