Celestica says it has deal to sell property in Toronto for $137 million

By The Canadian Press

TORONTO – Celestica (TSX: CLS) says it has a deal to sell its property in Toronto, including its corporate headquarters and manufacturing operations, to a consortium of three real estate developers for C$137 million.

The global electronics manufacturer says if the sale closes, it would see Diamond Corp., Lifetime Developments and Context Development Inc. work with the City of Toronto to develop the property for offices, shops and residences.

The company says the deal is also subject to municipal approvals.

The announcement came as Celestica announced it earned $24.2 million, or 14 cents per share, in net earnings for the second quarter ended June 30.

That’s down from $40.9 million, or 22 cents per share, a year ago.

Revenue amounted to $1.42 billion, a drop from $1.47 billion in the same period last year.

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