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Benzinga

Shivani Kumaresan

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

CPS NYSE Germany

Cooper-Standard Holdings Inc (NYSE: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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