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TPI Composites Sells Automotive Unit to Clear Creek Investments, Focuses on Wind Market Growth and Cash Flow.

US composite wind blades maker TPI Composites Inc (NASDAQ:TPIC) has agreed to sell its automotive business to Clear Creek Investments LLC (CCI) as part of its focus on its core business in the wind market. The unit, which supplies composite structures and components for automotive markets, is expected to improve monthly cash flow by about USD 1.7 million (EUR 1.58m) over the balance of 2024. Once completed, CCI intends to rename the acquired business to Senvias. The transaction, which follows a thorough strategic review of options, is not disclosed. TPI composites, established in 1968, accounted for about 33% of all onshore wind blades globally in 2023.

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