Stoneridge shares surge 20.67% intraday after completing $59M sale of Control Devices segment to focus on core growth.

Stoneridge surged 20.67% intraday following the completion of its $59 million sale of the Control Devices segment to Center Rock Capital Partners. The transaction, part of a strategic review, enables the company to focus on core growth platforms in Electronics and Brazil, aligning with investor optimism about streamlined operations and capital reallocation. The resignation of the segment’s president, disclosed in tandem with the sale, is procedural and unrelated to market sentiment. The sale’s $59 million proceeds, as highlighted in multiple news reports, underscore the company’s commitment to strategic refocusing, directly supporting the positive intraday price action.