(NewsDirect)
Cooper-StandardHoldings Inc. (NYSE: CPS) (the “Company”) announced today that ithas retained Goldman Sachs & Co. LLC as financial advisor toassist the Company in analyzing and evaluating potential alternativesfor refinancing its capital structure.
As of March 31, 2022, Cooper Standard hadtotal liquidity of $395.6 million, including availability under theCompany's amended senior asset-based revolving credit facility.Additionally, subsequent to the end of the first quarter, the Companyreceived $51 million in cash payments from the United States InternalRevenue Service for tax refunds related to net operating losscarrybacks made available by the CARES act. Based on currentexpectations for light vehicle production and customer demand for ourproducts, the Company expects its current liquidity position willprovide sufficient resources to support ongoing operations and theexecution of planned strategic initiatives for the foreseeablefuture.
AboutCooper Standard
Cooper Standard, headquartered in Northville, Mich., withlocations in 21 countries, is a leading global supplier of sealing andfluid handling systems and components. Utilizing our materials scienceand manufacturing expertise, we create innovative and sustainableengineered solutions for diverse transportation and industrialmarkets. Cooper Standard's approximately 23,000 employees are atthe heart of our success, continuously improving our business andsurrounding communities. Learn more at www.cooperstandard.com orfollow us on Twitter @CooperStandard.
Forward Looking Statements
This press releaseincludes “forward-looking statements” within the meaning of U.S.federal securities laws, and we intend that such forward-lookingstatements be subject to the safe harbor created thereby. Our use ofwords “estimate,” “expect,” “anticipate,” “project,”“plan,” “intend,” “believe,” “outlook,”“guidance,” “forecast,” or future or conditional verbs, suchas “will,” “should,” “could,” “would,” or “may,”and variations of such words or similar expressions are intended toidentify forward-looking statements. All forward-looking statementsare based upon our current expectations and various assumptions. Ourexpectations, beliefs, and projections are expressed in good faith andwe believe there is a reasonable basis for them. However, we cannotassure you that these expectations, beliefs and projections will beachieved. Forward-looking statements are not guarantees of futureperformance and are subject to significant risks and uncertaintiesthat may cause actual results or achievements to be materiallydifferent from the future results or achievements expressed or impliedby the forward-looking statements. Among other items, such factors mayinclude: Impacts, including commodity cost increases and disruptionsrelated to the war in Ukraine and the current COVID-related lockdownsin China; our ability to offset the adverse impact of higher commodityand other costs through negotiations with our customers; the impact,and expected continued impact, of the COVID-19 outbreak on ourfinancial condition and results of operations; significant risks toour liquidity presented by the COVID-19 pandemic risk; prolonged ormaterial contractions in automotive sales and production volumes; ourinability to realize sales represented by awarded business; escalatingpricing pressures; loss of large customers or significant platforms;our ability to successfully compete in the automotive parts industry;availability and increasing volatility in costs of manufacturedcomponents and raw materials; disruption in our supply base;competitive threats and commercial risks associated with ourdiversification strategy through our Advanced Technology Group;possible variability of our working capital requirements; risksassociated with our international operations, including changes inlaws, regulations, and policies governing the terms of foreign tradesuch as increased trade restrictions and tariffs; foreign currencyexchange rate fluctuations; our ability to control the operations ofour joint ventures for our sole benefit; our substantial amount ofindebtedness and variable rates of interest; our ability to refinanceour indebtedness and obtain adequate financing sources in the future;operating and financial restrictions imposed on us under our debtinstruments; the underfunding of our pension plans; significantchanges in discount rates and the actual return on pension assets;effectiveness of continuous improvement programs and other costsavings plans; manufacturing facility closings or consolidation; ourability to execute new program launches; our ability to meetcustomers’ needs for new and improved products; the possibility thatour acquisitions and divestitures may not be successful; productliability, warranty and recall claims brought against us; laws andregulations, including environmental, health and safety laws andregulations; legal and regulatory proceedings, claims orinvestigations against us; work stoppages or other labor disruptions;the ability of our intellectual property to withstand legalchallenges; cyber-attacks, data privacy concerns, other disruptionsin, or the inability to implement upgrades to, our informationtechnology systems; the possible volatility of our annual effectivetax rate; the possibility of a failure to maintain effective controlsand procedures; the possibility of future impairment charges to ourgoodwill and long-lived assets; our ability to identify, attract,develop and retain a skilled, engaged and diverse workforce; ourability to procure insurance at reasonable rates; and our dependenceon our subsidiaries for cash to satisfy our obligations; and otherrisks and uncertainties, including those detailed from time to time inthe Company’s periodic reports filed with the Securities andExchange Commission.
You should not place undue reliance on these forward-lookingstatements. Our forward-looking statements speak only as of the dateof this press release and we undertake no obligation to publiclyupdate or otherwise revise any forward-looking statement, whether as aresult of new information, future events or otherwise, except where weare expressly required to do so by law.
This press release also contains references toestimates and other information that are based on industrypublications, surveys and forecasts. This information involves anumber of assumptions and limitations, and we have not independentlyverified the accuracy or completeness of the information.
CPS_F
ContactDetails
Contact for Media
ChrisAndrews
+1 248-596-6217
Contactfor Analysts
Roger Hendriksen
+1 248-596-6465
roger.hendriksen@cooperstandard.com
CompanyWebsite
http://www.cooperstandard.com/
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