15 October 2004
15 October 2004
TPI Composites, manufacturer of large-scale composite products have been acquired by Landmark Growth Capital Partners.
The acquired business also includes the company's interest in VienTek, a manufacturing joint venture that produces wind turbine blades as well as its patented SCRIMP technology and a portfolio of licensing agreements. TPI will maintain its development and manufacturing capacity in Warren, R.I., and has plans to open additional focused manufacturing facilities.
TPI Composites marine business that builds J Boats, Pearson Yachts and Alerion sailboats has also been spun out into a separate company, Pearson Composites.
"With a new ownership team and additional financing from Landmark Partners, we can capitalize on the tremendous growth opportunities in the wind energy, transportation and military sectors," said Steve Lockard, President and CEO of TPI. "Industry figures estimate that wind energy, for instance, has grown by 26% per year worldwide over the past five years with similar double-digit growth expected in the years ahead. The recent extension by Congress of the Wind Energy Production Tax Credit will boost the U.S. market. The military and transportation sectors we serve are also expected to enjoy significant growth in their use of highly structural composite products."
"Landmark is excited about the growth prospects for TPI," said Patrick Flanagan, a partner at Landmark Partners, Inc. and chairman of the TPI board of directors. "We believe that TPI has the management team, the skilled workforce and the technological edge to take advantage of the opportunities available in these specialized sectors."
According to a recent study conducted by The American Wind Energy Association, $9.3 billion worth of wind turbines were installed in 2003, bringing the world's total wind power generating capacity to 39,294 MW (megawatts). This total capacity provides enough to power the equivalent of nine million average American homes or 19 million average European households. TPI is currently producing 94-foot long wind turbine blades for Mitsubishi Heavy Industries from its joint venture in Juarez, Mexico and is developing even larger blades for future production.
Transportation and military industries are also experiencing tremendous growth in their use of structural composites. TPI's composite solutions overcome weight, durability and corrosion problems that currently affect several transportation modes. The military markets have similar challenges as well as the need to increase protection of U.S. troops.
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