Celestica

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Celestica Inc.
TypePublic
TSXCLS
NYSECLS
IndustryElectronics
Founded1994 by IBM
HeadquartersToronto, Ontario, Canada
Key people
Rob Mionis (CEO)
RevenueIncrease US$ 6.6 billion (2018)[1]
Increase US$ 0.1 billion (2018)[1]
Total assetsIncrease US$ 3.7 billion (2018)[1]
Total equityIncrease US$ 1.3 billion (2018)[1]
Number of employees
28,000 (2018)[2]
ParentOnex Corporation
Websitewww.celestica.com

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

History[edit]

Leadership[edit]

Celestica's President and CEO is Rob Mioinis. Mionis took over leadership on 1 August 2015 after Craig Muhlhauser announced his retirement in October 2014.[3]

Crash[edit]

In April 2001, the company announced it was laying off 3,000 people, about 10% of its workforce, due to the dot-com crash.[4] 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.[5]

Controversy[edit]

On 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.[6]

References[edit]

Notes[edit]

  1. ^ a b c d . Celestica https://corporate.celestica.com/static-files/5f3deca1-97e1-490e-9b92-bb87f46ec4e0. {{cite web}}: Missing or empty |title= (help)
  2. ^ "Who We Are | Celestica".
  3. ^ Inc, Celestica. "Celestica Names Robert Mionis President and Chief Executive Officer". www.prnewswire.com. Retrieved 20 July 2022.
  4. ^ "Celestica, Inc. Raises Earnings Outlook; Announces Job Cuts", 18 April 2001
  5. ^ "Polistuk leaves Celestica", CBC News, 28 January 2004
  6. ^ 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[edit]