This is an old revision of this page, as edited by Marcomm (talk | contribs) at 13:38, 16 July 2007 (→Celestica Site located in Reynosa, Mexico: violates confidentiality removed by cls orporate). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.
Revision as of 13:38, 16 July 2007 by Marcomm (talk | contribs) (→Celestica Site located in Reynosa, Mexico: violates confidentiality removed by cls orporate)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)| Celestica | |
| Company type | Public |
|---|---|
| Industry | Electronics |
| Founded | 1994 |
| Headquarters | Toronto, Ontario |
| Key people | Craig H. Muhlhauser (CEO) |
| Products | Computing, communications, aerospace and defence, consumer, industrial, automotive electronics |
| Revenue | $ 8.5 billion USD (2005) |
| Net income |  (USD$42.8) million |
| Number of employees | almost 49,000 |
| Parent | Onex Corporation |
| Website | www.celestica.com |
Celestica Inc. (TSX: CLS.SV NYSE: CLS) is a multinational electronics manufacturing services (EMS) company headquartered in Toronto, Canada. Celestica operates a global manufacturing network with operations in Asia, Europe and the Americas, providing a broad range of integrated services and solutions to leading OEMs (original equipment manufacturers).
History
Celestica was incorporated as a wholly owned subsidiary of IBM in January 1994. Onex Corporation acquired Celestica in October 1996 and controls approximately 80% of the company's voting shares.
Operations
Celestica’s global manufacturing network comprises more than 40 locations in the Americas, Europe and Asia. The company's global services include design and engineering, manufacturing and systems assembly, fulfillment and after-market services.
Restructuring
In recent years, Celestica has gone through five rounds of "restructuring" and has eliminated over 27,000 employees. In one of the most recent reorganizations in 2005, Celestica eliminated most internal IT operations and outsourced them to IBM India. Other changes include reductions in retirement benefits, and the elimination of some people from eligibility for its bonus payments. (Currently one must be employed when the bonus is paid out to receive it. Before this one only had to be employed up to the end of the fiscal year.)
After 2007's quarter 1 loss of $34.3 million USD there was talk about the possible sale of Celestica's headquarters in Toronto.
Controversy
On Friday, January 12, a shareholder class action suit was filed in New York against Celestica and members of the company’s executive team.
The complaint alleges that the company made materially false and misleading statements about the business and failed to disclose adverse facts, namely:
(i) that the Company was experiencing declining demand in its Mexican operations and that the division was carrying significant amounts of unneeded inventory which would have to be written off;
(ii) that the Company was experiencing declining demand in its Information Technology (IT) and Communications market segments as its larger customers scaled back purchases; and that the stock dropped when this information later became public.
This class action suit is still being solved as of January 25, 2007.
External links
- Company Website
- Company security filings
- Company security filings
- EMS Research On Celestica By iSuppli
References
- "CLS: Income Statement". Retrieved 2006-06-29.
- "CLS: Profile for Celestica". Retrieved 2006-06-29.
- Avery, Simon (2006-04-27). "Celestica says bad run nearing end". Globe and Mail. Retrieved 2006-06-29.
{{cite news}}: Check date values in:|date=(help) - Laura Bobak (2006-07-26). "Celestica Q1 loss doubles to US$34.3 million, company may sell HQ". CanWest MediaWorks Publications Inc. Retrieved 2007-04-27.