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canarob

canarob

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Celestica eyes head office sale

Canadian Press

TORONTO -- Money-losing Celestica Inc. is looking at putting its Toronto headquarters up for sale, a senior executive said yesterday after the company reported a $34.3-million (U.S.) loss for the first quarter.

The troubled high-tech manufacturing company, which saw revenue slip by 5 per cent for the three months ended March 31, compared with the same period last year, said it is already moving staff to other company locations as part of its plan to put the massive complex in Toronto up for sale.

"Clearly, we're looking at all these assets we have," Paul Nicoletti, the company's acting chief financial officer, said in a conference call, referring to the staff move and possible sale.

The company said in January that it would undertake another round of restructuring but, as is its policy, didn't divulge specifically where job cuts or plant closures would occur.
 
No!

I love those Celestica buildings in Don Mills. Both of them, the 50's/60's east facing building, and the fantastic late modernist brick creation to the west. I really hope nothing happens to them, the earlier building is on the inventory of heritage properties, but the more recent building (my favourite of the two) is not.
 
If they DO end up going, these buildings are located at a major intersection in the city, at the junction of two major future subway or LRT lines. That should call for some major density.
 
Its a great redevelopment opportunity, but its a shame to lose more manufacturing jobs. Celestica brought a level of prestige to this intersection along with the OSC. Another batch of condo's would not do it justice.
 
billonlogan said:
Its a great redevelopment opportunity, but its a shame to lose more manufacturing jobs. Celestica brought a level of prestige to this intersection along with the OSC. Another batch of condo's would not do it justice.
Click to expand...

These aren't just simply manufacturing jobs, but highly specialized engineering / design jobs that are unfortunately lacking in Toronto. Instead of constantly bending over backwards for the auto sector, we should at least show some initiative to attract these type of industries.
 
astroturf said:
These aren't just simply manufacturing jobs, but highly specialized engineering / design jobs that are unfortunately lacking in Toronto. Instead of constantly bending over backwards for the auto sector, we should at least show some initiative to attract these type of industries.
Click to expand...

I would think Richard Florida approves.
 
I wonder how much the site would be worth...the Canadian Tire lands at Bessarion sold for $150 million. The two sites are similar in size, and although Canadian Tire's on the subway, Celestica fronts two megarterials, meaning there's bound to be a highly visible retail component in addition to Haven phases II through XII.

edit - It'd be a shame to lose the existing buildings, though - they're sleeper hits, especially the newer part in the back...perhaps some of it could be turned into lofts, or amenity space or lobbies or stores or whatever.

adma said:
Wait--which would this be? Don Mills? Markham?
Click to expand...

Celestica only controls the Don Mills complex - IBM's head office is still on Steeles while IBM's software division moved up to Warden & 407.
 
Celestica Photos

There's something about these buildings that appeals to me so much, though I can't say that I've heard from others who love them.

CelesticaE1.jpg


CelesticaE2.jpg


CelesticaE3.jpg


CelesticaW1.jpg


CelesticaW2.jpg


CelesticaW3.jpg


CelesticaW4.jpg
 
The whole thing reminds me of a couple of high schools. One from the '50s and another from the '70s. Not that that is a particularily bad thing. I prefer the newer section (which before this thread I didn't ever take note of). The entrance and 3-storey section of the older building is nice, but the rest isn't that attractive and really, really makes me expect a schoolbell and a bunch of teenagers bounding out those doors.
 
Actually, is it the earlier, or the later, on the inventory? The later one's by Parkin--the earlier one isn't (and w/its neo-classical entrance allusions, you wouldn't expect it to be, either)
 
The buildings don't do anything for me. It's the high tech jobs I'd be more conerned about keeping in Canada.
 
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