Celestica warns of more Colorado layoffs
The Associated Press
FORT COLLINS — Celestica Inc., one of northern Colorado’s largest employers, says it will slash its worldwide workforce by about 13 percent, or 5,000 people, over the next year.
The Toronto-based electronics manufacturer has operations in Europe, the Americas and Asia, and employs 38,000 people, including 600 in Fort Collins.
Company spokeswoman Pam Jones said most of the reductions will take place in the Americas and Europe. “The locations will be announced as the restructuring plans are finalized,” she said Thursday.
The announcement came as Celestica posted a net loss of $8.2 million in the first quarter, the company’s fifth consecutive losing quarter, Jones said. The company last year said it would cut personnel by several thousand people in 2003.
Chief executive Eugene Polistuk, 56, resigned earlier this year, saying he wanted to focus more on family priorities. The company named Robert Crandall its new chairman and Stephen Delaney is now CEO.
In the three months that ended March 31, Celestica reported revenues of about $2 million, up 27 percent from the first quarter of 2003. The company said restructuring will cost an estimated $175 million to $200 million.