- Cooper-Standard Holdings Inc CPS has completed the sale of its non-core real estate asset in Germany, generating $50 million in cash proceeds.
- The company expects to lease back a portion of the property until relocating the remaining manufacturing operation.
- As of March 31, 2022, Cooper Standard had cash and equivalents totaling $252.9 million, including proceeds from the transaction.
- Total liquidity, including availability under the company's amended senior asset-based revolving credit facility, was $395.6 million at the end of the first quarter.
- The company expects the cash balance to provide sufficient resources to support ongoing operations and the execution of planned strategic initiatives in the future.
- Price Action: CPS shares are trading higher by 10.3% at $5.09 on the last check Monday.
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