Announces weaker Q1 profit, net income drops 47%.
TORONTO — Honeywell Aerospace will shift about 330 full-time employees at its location in Mississauga, Ont., to Celestica Inc. under a new contract between the two companies.
Toronto-based Celestica will become responsible for final assembly and other work for certain Honeywell product lines.
The agreement was announced as Celestica reported its first-quarter results, which included about US$1.3 billion of revenue from its global network of manufacturing operations.
Celestica’s net income dropped by 47% to $19.7 million and its adjusted net earnings fell 30% to US$33 million.
The company reports its results in US currency. Revenue was $1.298 billion, below estimates from Thomson Reuters.
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