TORONTO, May 23, 2014 /CNW/ - Celestica Inc. (NYSE, TSX: CLS), a global
leader in the delivery of end-to-end product lifecycle solutions, today
announced that it completed a program share repurchase (a PSR) under
its previously announced Normal Course Issuer Bid.
Pursuant to an agreement between the Company and Citibank, N.A., Canada
Branch (the Bank) and the terms and conditions of an exemptive relief
order of the Ontario Securities Commission, the Company has cancelled
2,602,188 subordinate voting shares purchased from the Bank at a price
of approximately CAD11.53 per share, being the arithmetic average of
the volume-weighted average price per share of the Company's
subordinate voting shares on the Toronto Stock Exchange for each
trading day during the term of the PSR, less a negotiated discount.
The Bank had acquired these subordinate voting shares in the open
market for its own account for the purpose of fulfilling its delivery
obligations to the Company under the PSR and all purchases by the Bank
were conducted independently of the Company.
Pursuant to one or more future PSRs, the Company may acquire additional
subordinate voting shares from the Bank for cancellation under its
current Normal Course Issuer Bid, which commenced on August 7, 2013 and
authorized purchases of up to 9,842,021 subordinate voting shares
during the period ending August 6, 2014.
About Celestica
Celestica is dedicated to delivering end-to-end product lifecycle
solutions to drive our customers' success. Through our simplified
global operations network and information technology platform, we are
solid partners who deliver informed, flexible solutions that enable our
customers to succeed in the markets they serve. Committed to providing
a truly differentiated customer experience, our agile and adaptive
employees share a proud history of demonstrated expertise and
creativity that provides our customers with the ability to overcome
complex challenges.
For further information on Celestica, visit our website at http://www.celestica.com. Our securities filings can also be accessed at http://www.sedar.com and http://www.sec.gov.
Safe Harbor and Fair Disclosure Statement
This news release contains forward-looking statements, including
statements related to the possibility that the Company will commence
and complete future PSRs. Such forward-looking statements may, without
limitation, be preceded by, followed by, or include words such as
"believes", "expects", "anticipates", "estimates", "intends", "plans",
"continues", "project", "potential", "possible", "contemplate", "seek",
or similar expressions, or may employ such future or conditional verbs
as "may", "might", "will", "could", "should" or "would", or may
otherwise be indicated as forward-looking statements by grammatical
construction, phrasing or context. For those statements, we claim the
protection of the safe harbor for forward-looking statements contained
in the U.S. Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws.
Forward-looking statements are provided for the purpose of assisting
readers in understanding management's current expectations and plans
relating to the future. Readers are cautioned that such information may
not be appropriate for other purposes. Forward-looking statements are
not guarantees of future performance and are subject to risks that
could cause actual results to differ materially from conclusions,
forecasts or projections expressed in such statements, including, among
others, risks related to: our customers' ability to compete and succeed
in the marketplace with the products we manufacture; price and other
competitive factors generally affecting the EMS industry; managing our
operations and our working capital performance during uncertain
economic conditions; responding to rapid changes in demand and changes
in our customers' outsourcing strategies, including the insourcing of
programs; customer concentration and the challenges of diversifying our
customer base and replacing revenue from lost programs or customer
disengagements; changing commodity, material and component costs, as
well as labor costs and conditions; disruptions to our operations, or
those of our customers, component suppliers or logistics partners,
including as a result of global or local events outside our control;
retaining or expanding our business due to execution problems relating
to the ramping of new programs; delays in the delivery and availability
of components, services and materials; non-performance by
counterparties; our financial exposure to foreign currency volatility;
our dependence on industries affected by rapid technological change;
managing our global operations and supply chain; increasing income
taxes, increased levels and scrutiny of tax audits globally, and
defending our tax positions or meeting the conditions of tax incentives
and credits; completing any restructuring actions and integrating any
acquisitions; computer viruses, malware, hacking attempts or outages
that may disrupt our operations; any U.S. government shutdown or delay
in the increase of the U.S. government debt ceiling; and compliance
with applicable laws, regulations and social responsibility
initiatives. These and other risks are discussed in our public filings
at www.sedar.com and www.sec.gov, including in our MD&A, our Annual Report on Form 20-F and subsequent
reports on Form 6-K filed with the U.S. Securities and Exchange
Commission, and our Annual Information Form filed with the Canadian
Securities Administrators.
The forward-looking statements contained in this press release are based
on various assumptions many of which involve factors that are beyond
our control. The material assumptions include assumptions related to
the following: the Company's view with respect to the Company's
financial condition and prospects; the stability of general economic
and market conditions, currency exchange rates and interest rates; the
availability of sufficient cash on hand, from time to time, to fund
future PSRs; compliance by third parties with their contractual
obligations, the accuracy of their representations and warranties, and
the performance of their covenants; and compliance by all relevant
parties with applicable laws, regulations, exemptive relief orders and
stock exchange rules pertaining to the PSR and the Normal Course Issuer
Bid. While management believes these assumptions to be reasonable under
the current circumstances, they may prove to be inaccurate. Except as
required by applicable law, we disclaim any intention or obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
All forward-looking statements attributable to us are expressly
qualified by these cautionary statements.
SOURCE Celestica Inc.
