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Celestica sheds jobs

Restructuring will affect 2,000 workers worldwide
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$ 5.2 M

  • Celestica reported net earnings of $5.2 million US for the quarter ended June 30, down 87 per cent from year-earlier profits of $39.8 million.
Published: July 24, 2009 5:49 a.m.
Last modified: July 23, 2009 9:51 p.m.
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Celestica Inc. will elimin­ate six per cent of its workforce under another major restructuring program aimed at cutting unused manufacturing capacity.

Celestica, which produces electronics for brand-name companies, said the restructuring will affect approximately 2,000 employees worldwide, but wouldn’t give any details as to which operations will be affected. It has already consolidated most of its Canadian operations in its Don Mills campus in Toronto.

Celestica has been restructuring its operations almost continually and has laid off tens of thousands of people since 2001 — mostly in higher cost countries in North America and Western Europe — as it closed factories and moved operations to lower cost places.

The $75-million-to-$100-million US restructuring program announced Thurs­day will mainly focus on closing “non-core sites” in higher cost locations with the goal of improving operating margins to between 3.5 and four per cent of sales.



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