Cooper-Standard Adds $50M Cash Via Real Estate Asset Sale

by Shivani Kumaresan, Benzinga Staff Writer

May 2, 2022 2:23 PM | 1 min read |

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.

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.