Celestica

Encyclopedia : C : CE : CEL : Celestica

Celestica Inc. (TSX: [CLS.SV] NYSE: [CLS]), based, in Toronto, Ontario, Canada, is an electronics manufacturing services company. Its products include personal computers and peripherals, networking and telecommunications equipment, and autmotive, aerospace and defence electronics. Celestica's major customers include IBM, Juniper Networks, Lucent and Sun Microsystems.

Contents

1 History
2 Operations
3 External links
4 References

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

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.)

In January 2006, Microsoft's Major Nelson (and various news outlets) reported that Celestica would begin manufacturing Xbox 360 hardware in February 2006.

External links

[Company Website]

References

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