Celestica (CLS) Completes Asset Acquisition from Karel Manufacturing

November 22, 2016 8:15 AM EST

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Celestica Inc. (NYSE: CLS) announced that it has completed a transaction to purchase the business assets of Lorenz, Inc. and Suntek Manufacturing Technologies, SA de CV, collectively known as Karel Manufacturing, a Mexico-based manufacturing services company.

As part of this transaction, Celestica has acquired Karel's manufacturing assets in both Mexicali, Mexico and Calexico, California. Through this agreement, Celestica will gain additional vertical build-to-print capabilities in the areas of complex wire harness assembly, systems integration, sheet metal fabrication, welding and machining. The operation is Nadcap1-certified with focused expertise serving Aerospace and Defense customers. Approximately 400 Karel employees will be joining Celestica from across the two operations.

"This acquisition supports our strategy to accelerate our growth in key markets through the addition of value-added capabilities and services," said Jack Lawless, Executive Vice President, Diversified Markets, Celestica. "This further enables us to reduce supply chain complexity and cost for our customers across a broad range of markets, including Aerospace & Defense, Semiconductor Capital Equipment, Industrial, Healthcare, Renewable Energy, Communications and Enterprise."

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