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© celestica Electronics Production | March 09, 2017

Celestica to exit Solar Panel manufacturing business

Previously disclosed market instability and global oversupply of solar panels continued to negatively impact the EMS-providers solar panel manufacturing business, including the pricing and demand for solar panels in 4Q/2016.
Since these negative factors are expected to be prolonged and Celestica no longer expects to generate reasonable returns, a decision was made to exit the manufacturing of such panels. This also means the closure of its solar panel manufacturing operations at two locations.

"The turbulence in our solar panel business has negatively impacted our overall energy market offering, and therefore, our diversified end market. However, since our energy market offering is diverse, and includes the manufacture of inverters, energy storage products, smart meters and other electronic componentry, we remain optimistic regarding the outlook of our energy products business, as we continue to win new programs with renewable energy customers", Celestica states in their latest fiscal.

"Celestica delivered a strong fourth quarter, with growth in revenue of 7 percent and growth in operating earnings of 16 percent, compared to the fourth quarter of 2015," said Rob Mionis, Celestica's President and Chief Executive Officer. "Celestica's strong close to the year helped deliver full-year 2016 revenue growth of 7 percent, 14 percent growth in operating earnings and over USD 100 million of free cash flow. Among the many highlights for 2016, we achieved our highest level of operating margins since 2001 and the highest revenue levels since 2012."

"We are proud of our many accomplishments this year. I am pleased with the progress we have made in setting the foundation for our strategy and delivering on our priorities and I am excited about the momentum we are building as we continue to drive profitable growth and increase shareholder value."

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May 24 2017 9:54 PM V8.2.6-2