Celestica Inc CLS

Originally owned by IBM, Celestica Inc. is a provider of electronics manufacturing services, located in the Canadian city of Toronto. Founded in 1994, the company works with clients from a variety of different industries, including Aerospace and Defense, Communications, and HealthTech and Renewable Energy. Celestica was spun off from IBM as part of the tech giant’s shift away from manufacturing. After the demerger, the company was wholly owned by IBM Canada, until it was purchased by the Canadian investment firm, Onex Corporation, for $570 million.
Traded as CLS, Celestica stock is dual-listed on the Toronto and New York stock exchanges. The company went public in 1998, raising $414 million. At the time, it was the largest IPO in history for EMS (electronics manufacturing services).
Much of Celestica’s expansion is credited to Onex. After the Canadian investment firm purchased the company, it initiated rapid expansion, primarily via acquisitions that included subsidiaries and divisions under the control of Fujitsu and Hewlett-Packard. In 2019, Celestica purchased Ascent Power Technology, a large power supply manufacturer located in Canada and the US.
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