TPI Composites temporarily has cut more than 200 jobs at its wind-turbine blade plant in Newton, Iowa.
TPI has reduced its head count in Newton from 470 to 233 since mid-May, officials with the Scottsdale, Ariz.-based firm said in a recent statement. TPI said it plans to restore its workforce to 400 by October and to increase it to 500 30 more than its previous total by February 2011.
The layoffs allow TPI to meet current and future customer and market expectations and to remain competitive in the current environment and position the company for long-term success in Iowa, officials said in the statement.
TPI has invested $56 million on the massive Newton plant, which covers more than 300,000 square feet. The plant opened in 2008 and makes blades for GE Energy, a unit of General Electric Co., through a long-term supply agreement.
TPI has supplied more than 10,000 turbine blades in the last 10 years to customers such as GE and Mitsubishi Corp.
In addition to Newton, the firm has manufacturing plants in Warren, R.I.; Springfield, Ohio; and Taicang, China. It also operates a joint venture called VienTek LLC in Ciudad Juarez, Mexico, with Mitsubishi Power Systems.
TPI is owned by company management and by Landmark Growth Capital Partners, a private equity and real estate firm based in Simsbury, Conn.
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