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Electronics Production | April 28, 2007

Celestica initiates aggressive profability plan

Celestica Inc. is launching an aggressive game plan in its bid to return to profitability, new CEO Craig Muhlhauser told shareholders at the annual general meeting last week.
Muhlhauser said the company's plan involves building customer loyalty, streamlining operations, turning around its Mexican and European business units, and strengthening the management team. Celestica may even put its Toronto corporate headquarters up for sale, Paul Nicoletti, Celestica chief financial officer said. Celestica said that in anticipation of a possible sale, it is transferring all staff out of the corporate head office. Some staff are being moved to a near by manufacturing plant and others to another office nearby.

Celestica, which has already eliminated about 28,000 jobs over the past seven years mostly in western Europe, the United States and Canada, has added jobs and manufacturing capacity in lower-cost areas of the world. It cut an additional 5,300 position in the first quarter, part of a total of 7,500 announced since 2005.
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