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To: Johnny Canuck who wrote (34776)	10/17/2001 10:59:11 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68168

CNET tech sites: Price comparisons \| Product reviews \| Tech news \| Downloads \| Site map Celestica to cut jobs By Reuters October 17, 2001, 4:55 p.m. PT Contract electronics manufacturer Celestica announced Wednesday that restructuring will trim its total work force by 25 to 30 percent, while manufacturing space will be down about 20 percent from levels at the beginning of 2001. The firm also expects its $20 billion sales target for 2003 will probably be pushed out by one year, "depending on the magnitude and timing of a rebound" in customer demand, said Chief Financial Officer Anthony Puppi. The Toronto-based company said Wednesday that weakness in its customers' business will result in restructuring charges of $100 million to $130 million, for total restructuring charges in 2001 of $250 million. Total manufacturing space has been cut by 10 percent to date, and when all restructuring efforts are complete, the company will be operating with about 20 percent less space. Celestica had about 29,000 employees at the beginning of 2001, meaning that cuts will total about 8,700, although those numbers will change dramatically as the company purchases plants from companies like Lucent Technologies.