CPS - Earnings call transcript Q2 2020 | Cooper-Standard Holdings Inc.

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Operator

Good morning, ladies and gentlemen and welcome to the Cooper-Standard Second Quarter 2020 Earnings Conference Call.

During the presentation, all participants will be in listen-only mode.

Following company’s prepared comments we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded and webcast will be available on the Cooper-Standard website for replay later today. I would now like to turn the call over to Roger Hendriksen, Director of Investor Relations.

Roger Hendriksen

morning, good and Carmen everyone. Thanks, spending We with today. time appreciate your us some Executive Vice President team of be this are and members our who the Officer. morning Jon Chief Executive Chairman Edwards, The and Chief leadership Jeff call on will Officer Banas, and you speaking Financial with

Before that presentation need contains forward-looking you I we remind statements. begin, to this

uncertainties. to While involve plans that and and certain they assumptions do are made statements currently based be believes on risks these current and factual information reasonable, management

on we included and Securities statements, appendix measures GAAP you their filings also to information Reconciliations financial that in more presentation to included For this are contains presentation. the this Slide forward-looking measures. to presentation most of the refer directly ask and Commission. with X the in This the comparable of non-GAAP measures Exchange non-GAAP statements company’s periodic financial

I’ll out Jeff that the Edwards. of with to So the way, call over turn

Jeff Edwards

and quarter operations. to We good of our appreciate Thanks, provide everyone. the status opportunity on and update results the morning, current Roger, second our review an

certainly are countries and ended. and proud challenges we’re all how homes. of second challenges, information extended resumed where teams unprecedented pandemic, varied leaders for well the through these the of definitive with safety we constantly ongoing at and and mandates no teams of presented Under how operate this rules each the the quarter working health XX most conditions, really about our global shutdowns us our production, and changing managing plans their in mostly from pleased customers managed quarter The our with with

a of the Slide spots cost savings all, real those X, bright it in initiatives improving in some million lean to we quarter, adverse $XX through teams the conditions bright and fact, Despite our in were deliver the In through were efficiency. spots. quarter. operating On few able highlight there

was million. half, a savings cost first the there For total of $XX

second this early for and we the aggressive administrative expense and last safety. million effort, reduction in With quarter $X last overhead SGA&E quarter implemented costs, continued another year year year. of and versus resulted outstanding employee the of terms for the actions had in In we quarter focus

months XXX,XXX just hours which the below the X our standard to in worked, June year, be had of is rate per worked. what incident ever X.XX rate just the ended of a XXX,XXX XX, X.X. of had hours we incident months X.XX well total first During consider we per we lowest total world-class at X And

world-class new in product also great another program with quality and serving customer end the scorecards customers of We achieved launches. successful green. were quarter XX% At our product our quality the for terms of quarter,

for type resulted the operations were of in XX% execution in launch quarter Our significant world-class our green. recognition. customer scorecards This

the GM among of honor. Year delivery We the but win and During one received and competitors product X our recognition our were not quarter, X XX Supplier this the sealing the just we awards, multiple products prestigious who and for won line brake systems. suppliers direct this among for only for one to one second fuel

up producing are the we’re in production. ramped XX to All began region, to again regions plants completely, been up in mid-February. fully have once are our up open capacity. and vehicles of ramp our customers our Korea, of China X, Slide In plants the had Asia-Pacific we now our operating increased to their world, reduced although in plants ramping at never the they In and Moving all closed Asia-Pacific volumes. support operations

operating of the June at exited volume had prior we XXX% overall, the region expected production pandemic. we of to the the For onset

incidents year-to-date. have Asia of our XX had Importantly, in safety XX plants X

early in focus demand. continued June the in and of began priority. mid-May. opened been All Europe, ramp up to proud our this plants XX production customer by per at In of varying obviously, top rates, team’s have certainly our We’re on region increasing production were

For the June pre-pandemic at operating region volumes. of the XX% approximately overall, exited we European

are incidents operations also reportable European plants safety delivering Our world-class at performance, with year-to-date. XX X

in operations Mexico, Americas, Costa and beginning up longer Finally, plants in United our Plants the and a Brazil open in restarted due local mid-May. Canada conditions. plants in States Rica delayed now were to are production. All in XX the little and ramping

pre-pandemic approximately For XX% exited the we region, June volume. at of the

to I up trend safety production of quarter year. performance, that sales a to note a have for continue in of America, second the perfect vehicle market-light In ramps the would plants safety as first record half the the segments. like see production is the our second region This we in year. in terms outperformed am in half North the Asia-Pacific XX pleased Europe and of

August. first at approximately For expected the Slide XX% the to plan end levels key of or had company, footprint faced of currently releases, have we’re on the volume of by operating of pre-COVID up our of disruptions half unprofitable to Despite businesses. been strategic XX% on and optimize area consolidated to focus the pandemic. of A to we challenges in teams prior Based X. initiatives. has the and execution exit approximately ramp year, we constant our long-term customer the we fix expect our focus maintained the the operating our

or Including the certain July have X. we more. to As to operations close exit consolidate we we close and XX were since transaction and able transaction, to in have this announced, closed XXXX, exited Europe plans or announced facilities X we on India previously

going operations invested to in continuing forward. our opportunities return in to cost we streamline are business lower We our fixed as to on push our aggressively evaluate capital improve

additional We annualized are combined COGS. targeting and from SGA&E savings reductions million in $XX of in excess currently

X, our in strategic business the Advanced of continuing addition, Group. are focus on diversification Slide our we through to our Moving Technology

will of business as As this higher believe capital. naturally on well cyclicality returns business grows, it the we of automotive as the some provide offset

business the Time start Science are quote seeing Specialty typically this or Material strong in new Group. as shorter business within as little Keep months. Industrial to than production lead We activity XX for program from Automotive mind business. can our of times be are in quote and Applied

some request milestone commercialized of Science begin sales our industry. PolyOne, by was the what portfolio, a have related our aviation. this recently product royalty-based This as previously Fortrex we about is business, have in many such global to of of While business, technology beyond have revenues their we of demand the very Avient, which on into really expect the Applied pandemic, applications impacted Fortrex-based barricade we the softening that current seen longer certain strong, this major launched first AMS disproportionately been be to In potential growth automotive and markets remain for Material XXXX. the term, optimistic In quotes for for business we been business. our expect

towards also to speed other in development commercialization. installation We process. new is help continue prototyping agreements, equipment the advancing now The development in global make them of our further and technology expected center our to progress underway is

we While prioritizing the launch our agreements activity, pursuing are XXXX. also current advancement we are development of in additional

same Our as remains us communicated. the previously will on focus have this technical allow We sectors we to the expertise. believe product on knowledge and build

have AMS next commercialization in the developed faster We to reach agreements. series of already potentially

quarter. the hand of review to let Now the financial call a of details the me Jon for off

Jon Banas

Slide sheet, and detail structure. quarter results a second our good I’ll to comparisons also profile XX, Jeff provide for On on we the our results summary the financial our liquidity the few some and and morning with prior comment Thanks, of next capital the for everyone. show balance quarter slides, In on year. second

on touch key me Let some of figures. the

negatively of the volume attributed quarter while Second to foreign XXXX. the unfavorable versus exchange were COVID-XX price to million pandemic all Again, negative $XXX.X the most in also nearly quarter mix, decline, in quarter’s for in EBITDA the and $XX second of the second million, quarter Adjusted compared Lost million driver fluctuations of positive quarter of adjusting customer significant as sales. XXXX adjusted other the EBITDA customer the sales reductions global on volume, operating XXXX. sales and were pandemic initiatives the down was a non-cash X and to and the was accounted to cost mix health XX% as results European weighed the of second partially and quarter. was decline well the impact $XX.X in U.S. July offset divestiture as $XX.X These quarter transaction. included included the and the related and net net certain for price for efficiency as assets expense. This value million Weak the well $XXX.X On a fair million. Indian SGA&E the basis, loss to project reductions charge improved reduction also related GAAP impacted shutdowns. lower costs by industry impacts

of and or impact share. these of these adjusted other first $X.XX income associated net for the $XXX.X restructuring diluted well tax XXXX expense charges, special the was as as loss Excluding items, million per quarter items

million $XX.X CapEx, down second quarter Regarding period spending in year same million, from the ago. a was considerably the $XX.X in our

or fantastic possible our response deferring job global spending industry. capital in done have challenges teams limiting Our the a where in current of to

We lower through continue levels year. continue to that the remainder anticipate of will investment the

to drivers Moving on adjusted sales EBITDA. Slide changes XX the walk The significant XX. and of the charts Slide in our year-over-year

customer by impact in ramp Considering primarily during price mix million The positive revenue. and partially a and volume $X sales foreign and due in revenue were North of and reduced to the were $XX industry approximated the to of and negative sales, overall impact in related Asia-Pacific, reductions mix and America net weak resulted lost COVID-XX volume For year-over-year. million. to mix, fluctuations million $XXX by back offset volume volumes unfavorable impacts Europe negative up, currency

and lean result quarter, cost ongoing efforts For $XX efforts in by EBITDA, drove manufacturing these pandemic. efficiency the considering savings the adjusted a hampered operational our for were great in million

million to result in SGA&E year proactively as as streamlining also elimination last the lower $X response benefited the all expense a spending we discretionary of We implemented organizational from pandemic. well as of

cost business, our are are so improve we to our taking done continue and of costs yet. We out not structure real

and pressures the cost as million. conditions impact the was were will decline our incremental quarter, evident second pandemic. to in normalize. We levels of and become adjustments costs the $XXX expect volume, bottom than accounted the inflationary when for offset well our and of impact adjusted price the as production industry by significant industry this net more more This rest mix reductions line But COVID-XX shutdowns Unfavorable EBITDA. in approximately related normal on

Moving profile ended We with XX, sheet second XX, and hand. June to remains on cash solid. balance of liquidity of million $XXX Slide the our quarter as

on which that credit significantly undrawn. our liquidity total the at our of had availability reduced our $XX balances, the was to remains $XXX XX, June June revolving we in decline The Canadian inventory to trade a borrowing availability point comprise facility. facility revolving addition, of It’s of facility important a for and XX and receivables million due XXXX. for million base U.S. as credit In out

and increase rebuild detailed begin American balances back In levels we’ve cash facility liquidity also outlook resumed of August. to that monitor shipments to and the ABL normalized analysis receivable availability to and now in carefully North the customers, conducting continue forecasts we by basis. view on economic to weekly be here As on industry will a our our conditions,

aggressive our intense spending maintaining We can. collections capital to both defer our expenditures, are accelerate focus initiatives on receivable management continuing reduce from and/or wherever customers. with And and to costs we and capital accounts are tooling discretionary we measures working

the maintain $XXX to to were or industry go longer allow Lastly, the issued of if We this comments second a we that were cash event shutdowns through extend in liquidity action to a industry few a in expected took May. back secured us of would on that to prudent than priorities, sufficient shutdowns. wave cushion senior notes the allocation provide our asset million

conditions, can Our soon as With to liquidity as turn is markets years which the de-lever and Jeff. over let current possible as generate preserve allow. our next market cash much back and terms we to over me contract X balance cash is to additional as such that the future call subject intent, that, and

Jeff Edwards

like this would Jon. And ROIC provide on detail additional the some to our introduced quarter. roadmap wrap plans discussion last to Thanks, up we morning, that I

our turn our employees, So deliver stakeholder ourselves working and customers, five value investors. to we we our to on XX. distinct In always really the if to and work our communities we Slide live day where have groups: prided every can suppliers, the Cooper-Standard,

our of couple past the serve served better X the X to that investors. more recognize that Over we very years, we’ve of need well do to

to are we’re framework to increased making going changes over formalized using forward. ROIC significant increased we the quarter, value drive We that time. announced drive Last

for in defining establishing advances, made of as of execution in structure the we the discussed specific in setting quarter, earlier and team some related needed large During accountability but of goals, the program. also the actions, ensure second and internal this important presentation, both to meaningful I this oversight KPIs terms

drive in to and back The track supply on return teams chain administrative improvement purchasing drive XX% all our above to is and employees succeed. over our goal have invested stepping and time We the the each engineering, established With achieve including I commercial, of in functional area done in past. we engaged business, them, to areas. have will cross-functional all and up aspects targets confident as challenge. manufacturing, quantified we are to capital activities defined am

Our In the within considerable continue various uncertainty the to serve. entire it. industry global to is committed term, face and team certainly markets we our we near

While we other the providing we With signs quite this for seeing as formal back near-term regions time. demand guidance bouncing fast. in at are this regions, are vehicle positive not are light backdrop, some not

challenging again times. adversity they have. inspiring. and once these significant cost thank continued and on reduction to for I responded their global do be to work year-end. would that and now This capital any their take However, comments. team you continued want initiatives return want recent employees evident will of may our have support. I trust improvement dedication our our happy we been hard expect of to prepared We has and during questions be by thank for to the certainly How customers also invested concludes impacts that our

Operator

you Fitzgerald. Cantor comes Our go first with Please Joseph ahead. Thank from [Operator Instructions] Farricielli question

Joseph Farricielli

compared comment question that meaning A India forward you on about basis, a the at on like year? last and XX% Europe. you. XX% to go had Thank dispositions, some operating pre-pandemic, Is to assets

Jon Banas

to question. is at it’s operating portfolio, XX% remaining businesses Jon. XX% referring What are be the capacity. for Joe, the are Thanks Cooper-Standard that the we under still will Yes, to

facilities divestiture in of are other Europe, those including The India we in and numbers. not

Joseph Farricielli

some heard I one I Okay, industries great. or Thank accelerate changes, you. this wondering, that transitional actually just And helped has know have other pandemic decisions. then the two different companies, from maybe

you if Just seeing a anything new from are is line anything, nature, actually being opportunities? that easier wondering seeing if accelerated, of time or

Jeff Edwards

plants. to that say is the they Jeff. been atmosphere. more This it’s returning present have have I we technical along, Sure. not world. travel the centers the working engaged had normally to a – say Certainly, meetings distractions. or running with they not I whether from home but would focused, the the opportunities, There’s obviously, more are around would teams, there’s different lately, very and sometimes that

how probably operating anything, first have a are the the not the improved beat. business. I say would we So that point. missed That’s If we have of efficiency we

Second point together the that plan ROIC rolled We related the to improvement we to prior have out. that really began pandemic. put

in costs details announced our XXXX, got We associated approach that we as ROIC the year, mentioned fixed quarter the of that just this significant and have we first here took costs recently sharpened and through we year, roadmap. We last with out business.

even to period actually than had better planned. the part really are of plan further pandemic. be make So and prior it to we But originally to to that adjustments this was using particular our clearly, have costs proven our time of COGS SGA&E we

way, I benefited could it. all we some you argue business around in really suppose from the So have that

a something question. you You hate the describe is context well. And have we to certainly would global from, of are say kind but benefiting I of as I pandemic the understand

Joseph Farricielli

this, Yes, no. bad. just Thank of making that in will to were reality benefit that. I the from I appreciate didn’t good – changes And companies the you. that already process mean certain it’s or

Okay, thank you.

Operator

our with And Baird. from you. Please next DiRubbio Thank is ahead. question Brian go

Brian DiRubbio

morning. Good

royalty you be stream to what XXXX for us want will frame maybe out Just of can ATG? start help the revenue

Jon Banas

here. Brian, Jon Banas

that quantifying yet. not are We

this essentially agreement. that’s first and start-up our We are being is – in mode, significant

magnitude. next should And see we material then close the years over us, that of it grow now. once it for And holding separately. becomes that to will are couple out you expect for break in We

Brian DiRubbio

to And That’s that to think taken just Okay. an fair you enough. to as have like date, we about actions addition subtraction. I as frame

Could business. about As about walking away be I forward? South America you for talk need that sort there of that be be you by more areas to global seems how going be you fruitful really you uses thinking look not your just your lot America, of at South today? performing? Let’s and may value honest, from business, are you footprint a to capital in add to opportunities just do Can to redirect

Jeff Edwards

Jeff question. a is That’s This Edwards. good

said we gets publicly cost either have capital of business that have fixed isn’t any that it We our that leaves. covering or

all we So I maps. pretty that’s is that’s just this and summer think, the of a think clear what’s and result the divestitures what here we that execution that. road driving frankly, And the executed

You will out but do to have are whatever That’s don’t preference, alternative. have different we fix and more to figure do. continue to Hopefully, of we our we to them see a able will it.

Brian DiRubbio

with And America all EBITDA. has think ever I due Understood. don’t South positive respect, generated

understand, looking there? sort to are process be trying your So trying understand am for that thinking to really are I guys is this the just am to just internally. I you it you customers of about how

Jeff Edwards

We cover will our be we won’t or of either there. capital cost

Brian DiRubbio

correctly, – everything I Understood. the are husband going allocation understand goes lien And you to then I off now, on the the balance and you right at if to look as heard first date? just lastly, first if heard sheet plan, I just on capital possible cash call you priorities, repay notes if the to

Jeff Edwards

kind structure package the frame is come will some within that as that other There current time of maturities overall the due there, thinking. an will Yes, ‘XX, that’s look Brian. ‘XX capital

hangs the prudent are decisions the before bit in with the intent. a still term, there. is over we that little make near the here we uncertainty alternative the but Certainly pandemic global – So economy, other that current any with being just

Brian DiRubbio

$XXX commend that. that for so raising was it did right last I I I you did appreciate think expensive, you it. million but thing the I think quarter,

Jeff Edwards

Brian. Thanks, Okay.

Operator

you. Thank

Taykowski comes Suisse. Josh question go Please from Credit with ahead. next Our

Josh Taykowski

my taking Thanks guys. for Hey questions.

off, you first prepared from then maybe that the we quarters? remarks. ROIC wondering KPIs maybe the you’re through was at for near on could of and are that I steps me the term. and you’re tracking was share And starting the now the of couple of worst guess if pandemic, a some any goals mentioning on few just I steps thinking over end next margin the taking kind light of that Jeff in the improving hopefully details profile through the next Just

Jeff Edwards

Sure.

about a So in provided businesses that the attacking. talked of to the name really we’re projects of And a of I talked Europe laneways about have the significant think and just we couple we’ve need COGS. each few, that We’ve SGA&E improvement.

We’ve the back those. on to on after the These on over invested our getting areas the the We’re side business talked supply on chain. and all about have improving capital of the commercial economic material specific KPIs are with side, and specifically, margins XX%. that return focus tied

excuses, you and get that it’s to that with years. reality that you were expect way. we go most to back things things period, had of get the we deal Clearly, sure a and over of – fixed It’s we this make If against back years, performing performance make so those last expect. that we some can couple not the to we level go XX-year

Josh Taykowski

by Got million, time it. and for what just think, annualized Do on that point implemented targeting line $XX that? the have is And to I then savings. you of the that what’s expect or SGA&E on fully year-end you’re COGS,

Jeff Edwards

Yes.

Josh Taykowski

do context within market what the my flow that cash back of reach and is, year, the And still generation or generation just positive question, that? the in the Okay. takes the feel of you like in of about then is of environment for are next kind where puts remainder holds, arm’s half the thinking cash assuming

Jon Banas

generate trade side Yes, may here the year, really take the our increased expected focus We certainly half tooling levels. half team’s free positive second days the to first that’s and driven inventory working receivables efforts production, be and be of the positive to efforts further overcome global cash the COVID-XX. but negative going cash our increased Jon. in – to with are flows conservation do generation capital outflows related expect on operating continue, to enough it’s by not to of and out the Clearly, the along way to Josh, have and

in on back So as increased beneficial those helping will as ramps payable production offset and liabilities be the outflows the like. accounts accrued well up as

on positive tends environment flow things From the we But to a altogether, to second And that track historically. we’ll quarter course, see for industry packaged think a depends be of we’re QX. QX that hold on typical cash how outlook, always So based on our seasonality, here. looks true, half. but best progress

Josh Taykowski

it. Got

me, the up. decline base borrowing for in at current question understand at just final relative just availability. It asset bit looks, the in of least just little the then liabilities a tough the It on it, and kind And better. base face it’s a looking the to wanted Okay. balance to sheet to of match borrowing –

XQ. you through maybe I kind decline? was like the So in XX% sequentially of drivers think reduction a availability of it can talk big from the

Jon Banas

Yes, really It’s Jon all receivable. Josh, again. it’s driven by accounts

main of and Canadian and So under two levels. receivable the U.S. the ABL inventory accounts and categories then Canadian are collateral U.S.

base coverage charge the that that will So ratio that before charge credit Certainly, it’s also outstanding, a any make up the those commitment. XX% we total of trips. we there’s borrowing the borrowing fixed whereby trigger, it, availability. essentially coverage against holdback letters a call X small the have But $XXX total level, deduct million go from ratio that components base of fixed

to we I so and million go don’t borrowing the that, the we amount include referenced that want So for $XX base. in below June

grow accordingly well inventory as ramped have will shipments accounts receivable back levels. as up, So

so above base here, at so. And a to $XXX borrowing by we’re I million back million like $XXX August normalized said, back level, or

Josh Taykowski

Thanks That’s Appreciate much very it. it. guys. helpful. Got

Operator

you. Thank

ahead. next comes from Amenta JPMorgan. Our Please with question Bob go

Bob Amenta

Yes, thank you.

minute a Just ago. guess touched on working one a I couple. capital you

a know a a and you of of give was or world the of had quarter. happened? the in about Fords opposite talked million I capital the most bunch that take understand the were they unusual heading that was that. – there into getting of had half, saying GMs that little a second through anything about second the the surprised better? the you negative, to guess main mean were burn I the question suppliers little working this, Is talking just to I $XX the quarter second you was I So but quarter, my trying I in going but second

Jon Banas

Yes, Bob, it’s Jon.

were quarter, when collecting second it the that May through receivable working look out. in made terms, in on that you still the we had shipments we the elements, the accounts you think So out time March, capital global frame. in, ran at When it, call but back ran payment

However, charges on on still are that we paying global all purchase balances inventory longer – payables or basis. our we paying for had were still days payable a accounts fixed and outstanding

So when essentially in QX, you that made in think about came bills purchases we due capital QX. back those

receivable So commitments, previous the down outflow. in were on overall payable/capital the outflows created the coming expenditure the accounts side with wind accounts collections in, that

not that trend reverse. way, So year, the kind of out. into of surprise. it that’s it When forecasted that how a the and saw will half was we had We back get you playing QX

Bob Amenta

Okay. Yes.

kind – half, back the for second more But to capital? neutral but the ramp year, hoping is concern like half is it guess, with third up, a net-net, you’re – of totally you that I as second what think doable, get So the exacerbated mean you quarter of we’d continue working hopefully ramp back positive you was be on my – for I to sounds outflows. by as to quarter see a happened

Jon Banas

Yes.

Bob Amenta

give XX% XX% of you you’re kind kind didn’t of numbers, Okay. but cut. I or know CapEx, specific you said And the then

that first Can XX%, can half do of half. it $XXX around all? the the million? year. are kind you XX% I second will think of assuming But at for at for up the you you down narrow end – mean you I number we So below am

Jon Banas

Bob. Yes,

$XXX still several We’re last for as million, talked the the call over about We million that level. on $XXX on months. this track as well last

we So the level. about was $XXX million, thought from full where coming which million $XXX into XX% for reduction a we year, the year would be think we

So I definitely that on still we’re track. think

Bob Amenta

quarter, all company, last going to the did, again, the but talked of first obviously, restricted. think totally are they any you about then dollars. going quarter different to that deferrals, said I like type SG&A was couple And And – stuff, lastly, of back going probably see deferral Slide – just Ford from thought. XX, the Like on you is that some kick second than the But wasn’t to Okay. in? stuff it a travel they quarter I more million salary sooner much, kind of know, salaries I we reinstate mean, a are down – from is

that later I’m going to are in wondering, back recruitment? year for – more have to are going just in So of aggregate will next early be kind And – we much next dollars we add to how like will be this or year? that

Jon Banas

that a it’s just at we in put play a permanent again. place. continue Bob, SGA&E, was wasn’t When And QX. was expense really our It accrue it’s Jon liquidity wages so we program deferral that our just you to that. deferral, in look a reduction in just and it salaries,

be deferral. And in cash that then outflow, to the the here. so QX, we to, expect able And that employees deferral reimburse eliminate the for in to is QX plan

Bob Amenta

Okay.

reflecting. income is still So statement – but number the

Jon Banas

it’s Yes, loaded. fully fully It’s loaded.

Bob Amenta

Okay, you. Thank all have. I perfect. That’s

Operator

with Our [Operator question is Bill next Instructions] Sappern Carlyle. from

Bill Sappern

us for provide on balance thank broken out cash be the Hey, you of a the able number you liquidity ABL color. X/XX to between sheet? capacity Would as the and

Jon Banas

we this But had was are un-drawn. ABL million, point. interim $XXX not to position mark and $XXX we remain mentioned, at as again, it is back type a as capacity Bill, up you million disclosures give in the those

Bill Sappern

Thanks.

Operator

Cazayoux from is our And question with next you. KDP. Thank Michael

Mike Cazayoux

my the Indian Yes, European you thanks address taking the receive amount if for and asset, wondering I you just was could to sales? from call. of expect proceeds

Jon Banas

Really, side. harvesting on divest cash the Yes, Mike, we’ll businesses. up that opportunity paying dowry to wasn’t good question. This a a there’s small those end

bit significant, to take So a business not our the but we’ll buyer pay this hands. that to off little

Mike Cazayoux

you. thank Okay,

Operator

it like Roger we turn to would further call And Hendriksen. the have appears I back to that questions. you. Thank no

Roger Hendriksen

look Okay. forward to reach our participation please Cooper-Standard, or hesitate to to again. about Thank your any learn with you. Thank This questions speaking have you everybody like you for Should call. would concludes out We me don’t this more to directly. you morning. further

Operator

and call. gentlemen. ladies you, concludes This today’s Thank

You may disconnect. now

Cooper-Standard (CPS) 9 Aug 202020 Q2 Earnings call transcript