Onex will convert multiple voting shares to single voting shares and potentially sell its holding in the tech company
, announcing plans to convert its multivoting shares in the tech manufacturer for single-vote stock and potentially sell its holding in the former dot-com darling.said in approximately six months it will convert 18.6 million shares in Celestica that each have 25 votes into the same amount of the company’s single-vote shares. The move will lower Onex’s voting power at Celestica to 15.8 per cent from 82 per cent.
Onex acquired Celestica in 1996 from International Business Machines Corp. for US$550-million, putting US$149-million of its own capital and borrowing the rest. Celestica continued to make components for IBM and added numerous other clients, as brand-name tech companies outsourced an increasing share of their manufacturing.
In recent years, Celestica’s stock price went sideways as sales and profit growth stalled. The company recruited new leaders, including chief executive officer Rob Mionis, who took the helm in 2015. The company is attempting to kick-start growth by winning contracts from both its traditional tech clients and customers in new sectors, such as aerospace, defence and health care.
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