TPI Composites to Divest Automotive Business Unit

TPI Composites, Inc. (TPI) has entered into a definitive agreement to divest its automotive business to Clear Creek Investments, LLC (CCI), a dedicated innovation and sustainability investor with a focus on deploying capital in companies driving climate solutions and climate resiliency throughout the energy, water, and food value chains. As part of the divestiture transaction, TPI will sell its automotive subsidiary to CCI, which will be renamed Senvias Inc. The transaction is expected to close on June 30, 2024. “After a thorough review of strategic alternatives, we’re pleased to enter into this agreement with CCI,” said Bill Siwek, President and Chief Executive Officer of TPI Composites. “The divestiture is expected to improve monthly cash flow by about $1.7 million over the balance of 2024 and underscores our focus to continue executing on our core business, achieve profitability and improve cash flow and drive long-term shareholder value.” To identify growth opportunities in Automotive Boot Release Cable Market Report: Trends, Forecast and Competitive Analysis to 2030, please visit https://www.lucintel.com/automotive-boot-release-cable-market.aspx