CTS Closes Singapore Sale-Leaseback Deal

CTS Corporation

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.