TPI Acquires Engineering Team From Berlin-Based EUROS Group
Zacks Investment Research | Jul 14, 2019 09:30PM ET
TPI Composites, Inc. (NASDAQ:TPIC) recently announced that it has acquired a team of engineers from the EUROS group. Notably, owned by Senvion, EUROS group is based in Berlin, Germany. The financial details of the transaction have been kept under wraps.
Comprising 20 blade specialists, the acquired team has expertise in tooling, blade design, materials and process technology development. Notably, with the addition of experienced and skilful team, TPI Composites will enhance its technical capabilities, which in turn will support its global operations that spans across the United States, Mexico, Turkey, China and India. As a matter of fact, this move will enable TPI Composites to offer comprehensive blade solutions, with application of the technical expertise in blade engineering and mold design on a larger scale.
Existing Business Scenario
TPI Composites has been grappling with rising costs and expenses. It is worth mentioning here that the company recorded 34.1% year-over-year rise in cost of sales in the first quarter of 2019.
In addition, analysts have become increasingly bearish on the company over the past couple of months. Consequently, the Zacks Consensus Estimate for 2019 loss has widened from 6 cents to 7 cents, while the same for 2020 earnings has trended down from $2.22 to $2.17.
In the past six months, this Zacks Rank #5 (Strong Sell) stock has lost 11.4% against the Original post
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