CTS Corp. (CTS) announced that it has completed the sale and leaseback of its Singapore facility for proceeds in excess of the underlying book value.
CTS said it 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 included a lease agreement with an initial term of three years, plus renewal options.
CTS noted that it sold its 159,000 square foot Singapore facility and leased back approximately 57,000 square feet for its streamlined electronic components operation. CTS said it has been manufacturing high quality electronic components in the Singapore facility since 1979.
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