Celestica to Acquire PCI Limited for $306 Million in Cash

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Celestica, a leader in design, manufacturing and supply chain solutions for the world's most innovative companies, announced that it has entered into a definitive agreement to acquire PCI Limited for $306 million in cash from Platinum Equity.

Singapore-based PCI is a fully integrated design, engineering and manufacturing solutions provider with five manufacturing and design facilities across Asia. PCI is expected to generate approximately $325 million of annual revenue in 2021 with low double-digit adjusted EBITDA margins and strong cash flows.

The addition of PCI is expected to further strengthen Celestica’s approach towards engineering-focused engagements, including full product development in the areas of telematics, human-machine interface (HMI), IoT and embedded systems. The transaction is expected to add over 20 complementary, blue-chip customers to Celestica’s customer base, and lead to multiple synergies, including commercial cross-selling opportunities between both companies, the acceleration of engineering product offerings, and supply chain savings.

Rob Mionis, President and CEO of Celestica said that they are pleased to join forces with PCI, an engineering-led business that is aligned with their strategic objectives. This acquisition is intended to help them further diversify their customer base and expand their ATS portfolio with high-growth programs. PCI is also expected to add strong annual revenue and cash flow generation that enhances its financial profile and outlook for 2022 and beyond. They believe that Celestica is as strong as it has ever been – both operationally and financially – and they are confident that PCI will help them build on their momentum and continue to generate significant value for all Celestica shareholders.

EL Teo, CEO of PCI stated that Celestica is an industry leader with complementary capabilities and a shared focus on engineering and innovation. They are excited to leverage Celestica’s global footprint and significant resources to rapidly expand their business while bringing their new and differentiated engineering capabilities to their already impressive engineering team. Together, they intend to push the boundaries of innovation in their industry and deliver even stronger, more comprehensive solutions to their world-class customers.