Plasan and TPI Composites, Joined by U.S. Senator Jack Reed, Announce Joint Venture

WARREN, R.I., Oct. 22 /PRNewswire/ -- Plasan, a global leader in survivability and combat-proven armor solutions, and TPI Composites, Inc., an innovator in the field of composites manufacturing, today announced the formation of Armored Chariots, LLC, a new joint venture between the two companies. Armored Chariots, based in Warren, Rhode Island, will design and then produce next-generation crew compartments for military vehicles. Senator Jack Reed of Rhode Island, a member of the Senate Armed Services Committee, joined in the announcement with Plasan and TPI executives.

"We look forward to combining the capabilities and experience of TPI and Plasan in the formation of Armored Chariots in this start-up effort," said TPI CEO Steve Lockard.  "Together, we have the elements necessary to support the U.S. military's future vehicle requirements."

Dan Ziv, CEO of Plasan, said: "TPI's expertise, knowledge and respect with which it is held, makes it the ideal partner for Plasan, as we seek to provide even better armor protection to our defense customers in the U.S. Army."

Composite technology provides a lighter, stronger, more durable vehicle, enabling the military to:

• create better survivability systems
• add payload such as vital communications systems or ammunition,
• reduce corrosion and certain maintenance expenses,
• improve fuel efficiency in theater,
• save millions in life cycle costs and
• improve airlift capability.

Design and development by the new business venture – from the ground up – will begin this year with volume manufacturing to commence in the 2012 to 2013 timeframe. The joint venture company is expected to create 150-250 manufacturing and engineering jobs.

About TPI Composites, Inc.

TPI Composites is a Scottsdale, Ariz.-based leading blade supplier to the rapidly expanding wind energy industry. TPI delivers high-quality, cost effective composite solutions through long term partnerships with the industry's leading manufacturers including GE Energy and Mitsubishi Power Systems. The company is also an innovator in the transportation and military vehicle markets. TPI operates factories throughout the U.S., Mexico and China. For more information on TPI, go to www.tpicomposites.com.

About Plasan

Plasan is an international company engaged in the design, development, and manufacture of state-of-the-art, lightweight, ballistic armour protection products and integrated survivability systems. It has rapidly become a key global manufacturer and integrator of armour systems designed from composite materials for up-armour applique kits used on various light military vehicles, APCs, personal protection equipment, rotary and fixed-wing platforms, as well as for naval vessels. For more information on Plasan, go to www.plasan.com

SOURCE TPI Composites, Inc.; Plasan