CTS Closes Singapore Sale-Leaseback Deal
CTS Corporation (NYSE: CTS) today announced that it has completed the sale and leaseback of its Singapore facility for proceeds in excess of the underlying book value.
CTS received net cash proceeds of approximately $17.5 million. An estimated $10 million of the total $14.5 million pre-tax gain will be recognized in the fourth quarter with the residual gain recorded as a deferred liability on the balance sheet. The transaction includes a lease agreement with an initial term of three years, plus renewal options.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.