TORONTO – Celestica Inc. (TSX:CLS) is the lead partner in a new 25-member manufacturing research network that has been awarded $7.7 million over five years under a federal initiative.
The Toronto-based company and its partners have committed a total of $11 million in cash or resources towards the network, which will look for ways to get innovative Canadian products to market faster.
Celestica has plants around the world that manufacture advanced electronics equipment for several industries including telecommunications, information technology and the automotive sector.
Among Celestica’s partners in the new network is Cisco Systems (Nasdaq:CSCO), one of the world’s leading suppliers of telecommunications equipment used for the Internet and wireless communications.
Cisco said last week that it expected to spend about $150 million over 10 years on Canadian startups and it has said previously that it expects to expand its workforce in Ontario by about 1,700 people over the next few years.
The federal funding for the manufacturing research network is part of a previously announced Industry Canada plan for providing seed money for business-led centres of excellence in various industries.