<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>a2055852zex-99_2.txt
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<PAGE>

FOR IMMEDIATE RELEASE                                TUESDAY, JULY 24, 2001



                     CELESTICA ANNOUNCES FIVE-YEAR STRATEGIC
                      MANUFACTURING AGREEMENT WITH LUCENT
                           WORTH UP TO US$10 BILLION



TORONTO, Canada - Celestica Inc. (NYSE, TSE: CLS), a world leader in electronics
manufacturing services (EMS), today announced that it has entered into a
strategic manufacturing agreement with Lucent Technologies. As part of this
transaction, Celestica will become Lucent's primary EMS provider and will be
acquiring certain inventory, real estate and operating assets.

The deal will include a five-year supply agreement worth up to US$10 billion in
total revenue. The purchase price is expected to be between US$550 - $650
million. Further terms will be disclosed upon the close of the transaction,
which is expected to occur by the end of the current quarter, and is subject to
normal closing conditions, including regulatory approvals.

This strategic manufacturing agreement will see Celestica become the leading EMS
provider for Lucent's North American demand for switching, access and wireless
networking systems products. Celestica will provide a spectrum of electronics
manufacturing services such as printed circuit board assembly and test;
prototype build; system assembly; repair; enclosure; backplane and supply chain
management for the current and future generations of these products. A portion
of this workload will be transferred to other Celestica facilities around the
world.

"Celestica is pleased to announce this major expansion of its existing
relationship with Lucent," said Eugene Polistuk, chairman and CEO, Celestica.
"This announcement significantly expands our revenue base and capabilities,
broadens our end-market portfolio and builds on the trusted relationship that
the two companies have established. Importantly, it also reinforces the
strategic and economic benefits of the EMS model and demonstrates that Celestica
is well positioned as the partner of choice in electronics manufacturing
services."

"By expanding our use of contract manufacturers, Lucent will benefit from their
expertise and investments while we focus our resources on developing the
advanced intelligent networking systems large service providers will need in the
future," said Rock Pennella, vice president, Project Management. "Working with
Celestica ensures we will continue to build networks with the high-quality
products our customers have come to expect from Lucent."

                                                                       more....

<PAGE>

                                      - 2 -

"This agreement with Celestica takes a long-standing relationship to a new
level," said Jose Meija, chief supply officer and vice president of Supply Chain
Networks for Lucent. "This supports our new supply chain management strategy
designed to optimize cash flow from operations and free up capital, and is a key
example of our determination to create a more nimble, more efficient Lucent
Technologies."

ABOUT LUCENT TECHNOLOGIES
Lucent Technologies, headquartered in Murray Hill, N.J., USA, designs and
delivers the systems, software and services for next-generation communications
networks for service providers and enterprises. Backed by the research and
development of Bell Labs, Lucent focuses on high-growth areas such as broadband
and mobile Internet infrastructure; communications software; Web-based
enterprise solutions that link private and public networks; and professional
network design and consulting services. For more information on Lucent
Technologies, visit its website at http://www.lucent.com.

ABOUT CELESTICA
Celestica is a world leader in electronics manufacturing services (EMS) for
industry leading original equipment manufacturers (OEMs). With facilities in
North America, Europe, Asia and Latin America, Celestica provides a broad range
of services including design, prototyping, assembly, testing, product assurance,
supply chain management, worldwide distribution and after-sales service. For
further information on Celestica, visit its website at http://www.celestica.com.
The company's security filings can also be accessed at www.sedar.com.

CELESTICA SAFE HARBOUR AND FAIR DISCLOSURE STATEMENT
STATEMENTS CONTAINED IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL FACTS ARE
FORWARD-LOOKING STATEMENTS WHICH INVOLVE RISK AND UNCERTAINTIES WHICH COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN THE
FORWARD-LOOKING STATEMENTS. AMONG THE KEY FACTORS THAT COULD CAUSE SUCH
DIFFERENCES ARE: THE LEVEL OF OVERALL GROWTH IN THE ELECTRONICS MANUFACTURING
SERVICES (EMS) INDUSTRY; LOWER- THAN-EXPECTED CUSTOMER DEMAND; COMPONENT
CONSTRAINTS; VARIABILITY OF OPERATING RESULTS AMONG PERIODS; DEPENDENCE ON THE
COMPUTER AND COMMUNICATIONS INDUSTRIES; DEPENDENCE ON A LIMITED NUMBER OF
CUSTOMERS; AND THE ABILITY TO MANAGE EXPANSION, CONSOLIDATION AND THE
INTEGRATION OF ACQUIRED BUSINESSES. THESE AND OTHER FACTORS ARE DISCUSSED IN THE
COMPANY'S VARIOUS PUBLIC FILINGS AT http://www.sedar.com AND http://www.sec.gov

AS OF ITS DATE, THIS PRESS RELEASE CONTAINS ANY MATERIAL INFORMATION ASSOCIATED
WITH THIS EVENT.

                                      -30-

For further information please contact:
Laurie Flanagan
Celestica Corporate Communications
(416) 448-2200
media@celestica.com


</TEXT>
</DOCUMENT>
