TPI Composites has announced that it will be divesting its automotive business to Clear Creek Investments, LLC (CCI), a sustainability-focused investor. The agreement will result in TPI selling its automotive subsidiary to CCI, which will be renamed Senvias™ Inc. The transaction is expected to be finalized on June 30, 2024.
Bill Siwek, President and CEO of TPI Composites, expressed his satisfaction with the agreement, stating that it is expected to improve the company’s monthly cash flow by $1.7 million for the remainder of 2024. He emphasized that this move is part of TPI’s strategy to focus on its core business, drive profitability, and enhance long-term shareholder value.
Todd Crescenzo, Managing Partner & Chief Investment Officer at CCI, highlighted the alignment between Senvias™ and CCI’s mission of supporting businesses that drive climate solutions. He acknowledged TPI’s expertise in composite vehicle structures and expressed optimism about combining CCI’s investment and operational expertise to advance Senvias™ and the automotive industry towards a greener and more sustainable future.
Siwek also praised TPI’s automotive team for their accomplishments in developing innovative solutions for the transportation market. He expressed confidence that CCI’s capital and focus will enable the Automotive business to further expand and serve its customers in the electric vehicle market.
