Celestica

Celestica Inc. is a Canadian multinational electronics manufacturing services (EMS) company headquartered in Toronto, Ontario.

Celestica Inc.
TypePublic
TSX: CLS
NYSE: CLS
IndustryElectronics
Founded1994 by IBM
HeadquartersToronto, Ontario, Canada
Key people
Rob Mionis (CEO)
ProductsCommunications, Enterprise and Cloud Solutions, Industrial, Aerospace and Defense, Renewable Energy, HealthTech and Capital Equipment
Revenue US$ 6.6 billion (2018)[1]
US$ 0.1 billion (2018)[1]
Total assets US$ 3.7 billion (2018)[1]
Total equity US$ 1.3 billion (2018)[1]
Number of employees
28,000 (2018)[2]
ParentOnex Corporation
Websitewww.celestica.com

History

Crash

In April 2001 the company announced it was laying off 3,000 people, about 10% of its workforce, due to the dot-com crash[3] Losses mounted and on 29 January 2004 the company announced that company CEO Polistuk would be retiring. In April 2004, Stephen Delaney took over as CEO in a temporary capacity.[4]

Controversy

On Friday, 12 January 2007 a shareholder class action suit was filed in New York against Celestica and members of the company's executive team. The complaint alleged that the company made materially false and misleading statements about the business and failed to disclose adverse facts, namely:

  1. 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;
  2. 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 was dismissed in 2010.[5]

References

Notes
  1. "https://corporate.celestica.com/static-files/5f3deca1-97e1-490e-9b92-bb87f46ec4e0". Celestica. {{cite web}}: External link in |title= (help); Missing or empty |url= (help)
  2. "Who We Are | Celestica".
  3. "Celestica, Inc. Raises Earnings Outlook; Announces Job Cuts", 18 April 2001
  4. "Polistuk leaves Celestica", CBC News, 28 January 2004
  5. http://classactionworld.com/Celestica,+Inc.+Class+Action+Litigation./saaoc/13320.html Archived 2012-04-25 at the Wayback Machine Celestica, Inc. Class Action Litigation.: Settled and/or Concluded Case

Bibliography
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