TPI Composites, Inc. (NASDAQ:TPIC) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition
On April 3, 2020, the Company also announced that it is currently operating its Chennai, India, manufacturing facility with a skeleton staff through April 15, 2020 and that it will temporarily operate its Matamoros, Mexico facility at reduced capacity beginning on April 3, 2020 through April 30, 2020. The Company also stated that it will operate its Izmir, Turkey manufacturing facilities at approximately 50% capacity during the first half of April. The Company’s decision to temporarily reduce or suspend production at these manufacturing facilities is due primarily to certain applicable government-mandated stay at home orders in response to the COVID-19 pandemic which resulted in demands from its unions in Matamoros and Turkey to either stop or reduce production. These temporary reductions and suspensions of production may last longer than the Company currently anticipates if the government-mandated stay at home orders are extended. The Company currently is operating its other manufacturing facilities at normal production levels, including its manufacturing facilities in China.
Item 9.01 Financial Statements and Exhibits
99.1 – Press Release dated April 3, 2020
TPI COMPOSITES, INC Exhibit
EX-99.1 2 tpic-ex991_53.htm EX-99.1 tpic-ex991_53.htm EXHIBIT 99.1 TPI Composites,…
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About TPI Composites, Inc. (NASDAQ:TPIC)
TPI Composites, Inc. manufactures composite wind blades. The Company operates through four segments. The United States segment includes the manufacturing of wind blades at its Newton, Iowa plant; the manufacturing of precision molding and assembly systems used for the manufacture of wind blades in its Warren, Rhode Island facility, and the manufacturing of composite solutions for the transportation industry, which it also conducts in its Rhode Island and Massachusetts facilities. The Asia segment includes the manufacturing of wind blades in facilities in Taicang Port, China and two in Dafeng, China; the manufacturing of precision molding and assembly systems in its Taicang City, China facility; the manufacturing of components in its second Taicang Port, China facility, and wind blade inspection and repair services. The Mexico segment manufactures wind blades from a facility in Juarez, Mexico. The Middle East and Africa segment manufactures wind blades from a facility in Izmir, Turkey.