<SEC-DOCUMENT>0001104659-22-086546.txt : 20220920
<SEC-HEADER>0001104659-22-086546.hdr.sgml : 20220920
<ACCEPTANCE-DATETIME>20220805112806
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-086546
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CELESTICA INC
		CENTRAL INDEX KEY:			0001030894
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTED CIRCUIT BOARDS [3672]
		IRS NUMBER:				980185558
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5140 YONGE STREET, SUITE 1900
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M2N 6L7
		BUSINESS PHONE:		416-448-5800

	MAIL ADDRESS:	
		STREET 1:		5140 YONGE STREET, SUITE 1900
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M2N 6L7
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2222670d1_correspimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;5, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">VIA EDGAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Manufacturing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.65in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Dale Welcome</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.65in">Jean Yu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
Inc. (the &#8220;Company&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">Form&nbsp;20-F for the Fiscal Year Ended
December&nbsp;31, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Filed March&nbsp;14, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">File No.&nbsp;001-14832</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr.&nbsp;Welcome and Ms.&nbsp;Yu:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I am writing to respond to the comments of the staff (the &#8220;Staff&#8221;)
of the United States Securities and Exchange Commission (the &#8220;Commission&#8221;) contained in a letter addressed to me dated July&nbsp;13,
2022 concerning the Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2021 (the &#8220;Filing&#8221;), filed
by the Company with the Commission on March&nbsp;14, 2022. References in this letter to &#8220;we&#8221; and &#8220;our&#8221; refer to
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For convenience of reference, the text of the Staff&#8217;s comments
contained in your letter is reprinted below in bold, followed by the Company&#8217;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form&nbsp;20-F for the Fiscal Year Ended December&nbsp;31, 2021</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Management&#8217;s Discussion and Analysis of Financial Condition
and Results of Operations</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Non-IFRS Financial Measures, page&nbsp;87</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>In the fourth paragraph you refer to operating earnings and operating margin. In future filings, please refer to these measures
as &#8220;non-IFRS operating earnings&#8221; and &#8220;non-IFRS operating margin&#8221; to be consistent with your table on page&nbsp;89
and avoid confusion by a reader.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We now (and in future filings will continue to) refer to operating
earnings and operating margin as &#8220;non-IFRS operating earnings&#8221; and &#8220;non-IFRS operating margin,&#8221; respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><IMG SRC="tm2222670d1_correspimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>We note that your measure, non-IFRS operating earnings, is reconciled to IFRS earnings before income taxes. In this regard, please
revise future filings, to reconcile non-IFRS operating earnings to earnings from operations, the most directly comparable IFRS measure.
Refer to Item 10(e)(1)(i)(B)&nbsp;of Regulation S-K.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We now (and in future filings will continue to) reconcile non-IFRS
operating earnings to earnings from operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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<TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>Your calculation of free cash flow differs from the typical calculation of this measure (i.e., cash flows from operations less
capital expenditures). In future filings, in order to avoid potential confusion, please revise the title of your non-IFRS measure to &#8220;adjusted
free cash flow&#8221; or a similar title. Refer to Question 102.07 of the Compliance&nbsp;&amp; Disclosure Interpretations on Non-GAAP
Financial Measures.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We now (and in future filings will continue to) refer to our non-IFRS
free cash flow measure as &#8220;adjusted free cash flow.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Notes to the Consolidated Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2. Basis of Preparation and Significant Accounting Policies</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(r)&nbsp;Revenue and deferred investment costs, page&nbsp;F-21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: left"><B>Please tell us what consideration you have given to disaggregated revenue disclosures by business line/end user (e.g., Aerospace&nbsp;&amp;
Defense, Capital Equipment, Communications).</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Refer to IFRS 15.114.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We respectfully acknowledge the Staff&#8217;s
comment, and recognize that IFRS 15.114 requires an entity to disaggregate revenue recognized from contracts with customers into
categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors, by
applying the guidance in paragraphs 114 and B87-89 of IFRS 15 when selecting the categories to use. We have considered the
requirements and guidance set forth in IFRS 15.114 and IFRS 15.B87-89, and have determined that our current disaggregation of
revenue by two distinct revenue streams (as described below) is appropriate and sufficient for readers of our financial statements,
and that further disaggregation by business or product line/end user is not required by those sections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We offer a comprehensive range of product manufacturing, supply chain
management and other related services to customers in a wide range of industries. Based on the criteria in IFRS 15.114 and relevant guidance,
we have divided our portfolio of contracts for purposes of financial statement disaggregated revenue disclosure into two separate revenue
streams, consisting of our Advanced Technology Solutions (ATS) revenue stream and our Connectivity&nbsp;&amp; Cloud Solutions (CCS) revenue
stream. As is explained in more detail below, although our ATS revenue stream and CCS revenue stream are comprised of customers operating
in a variety of industries (including, among others, Aerospace and Defense, Capital Equipment and Communications), we have determined
that as a result of the similarity of the contract terms, profitability profile, working capital requirements and product life cycle of
the product lines within each revenue stream, presenting a further revenue breakdown would not provide a more meaningful depiction of
how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Our ATS revenue contracts
(regardless of product line/end user) have common characteristics (described below). Based on those common characteristics, we </FONT>believe
that presenting further disaggregation of revenues beyond what is presented in the financial statements (<I>i.e.</I>, by specific
product line/end user) would not provide a more meaningful depiction of how the nature, amount, timing and uncertainty of revenue
and cash flows are affected by economic factors. The revenue contracts within our ATS revenue stream, irrespective of the
customer&#8217;s industry, are typically based on highly specialized complex manufacturing processes that take a longer period of
time to complete than our other contract revenues. Given the generally complex manufacturing processes characteristic of the
products and services that comprise our ATS revenue contracts, we are required to make significant investments in working capital,
project planning and design. In addition, as a result of the longer-term and more rigid nature of ATS manufacturing processes, the
ATS revenue stream (again, regardless of product line/end user) is generally less able to quickly react to applicable changes in the
economic environment, and is therefore subject to higher margin volatility. However, the product lines within this revenue stream
are also expected to result in comparatively higher margins due to the investment levels required to satisfy relevant performance
criteria. Other considerations in our determination not to further disaggregate our ATS revenue contracts in our financial
statements include that the nature of their products/services typically result in lower volumes and higher prices than our other
contract revenues, and that our ATS revenue stream customers operate in industries that are generally subject to relatively greater
government regulation (notwithstanding the various industries in which our ATS customers operate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Contracts in our CCS revenue stream
(regardless of product line/end user) also share certain characteristics. As with our ATS revenue steam analysis, based on those
common characteristics, we </FONT>believe that presenting further disaggregation of revenues beyond what is presented in the
financial statements (<I>i.e.</I>, by specific product line/end user) would not provide a more meaningful depiction of how the
nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Specifically, in contrast to our
ATS revenue contracts, our CCS revenue contracts generally have lower margin profiles and are more sensitive to negative pricing
pressures (as they serve customers operating in economic environments that are highly competitive and subject to rapid
technology-driven changes in demand), a higher comparative degree of volatility in product mix, shorter and less complex
manufacturing processes, and lower working capital requirements (regardless of the industry in which the end customer operates).
Given the less complex manufacturing processes and increased susceptibility to pricing pressures and technology changes, contracts
within the CCS revenue stream are also typically characterized by comparatively higher volumes and lower prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In assessing the guidance set forth in
IFRS 15.B89 (described below), and based on the foregoing description of our revenue streams, we determined that specific product lines
or end users would not be an appropriate basis for revenue disaggregation in our financial statements, as we believe that the impact of
economic factors on the product lines/end users within each revenue stream would be generally comparable. For example, in economic environments
with rising interest rates, our customers (regardless of type or product line) are generally impacted similarly in terms of pressures
on their working capital requirements (<I>e.g</I>., with respect to deposits or required consigned inventory). As a result, we have determined
that disaggregation of our revenues on those bases is not warranted by </FONT>IFRS 15.114 or relevant guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Our consideration of IFRS 15.B89 included
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in">(a)</TD><TD><I>Type of good or service</I>: As noted above, we disclose revenues in our annual consolidated financial statements disaggregated
by the similar nature of the revenues and cash flows attributable to the goods and services within each of our ATS and CCS revenue streams.
Shared attributes within each revenue stream include the degree of government regulation, susceptibility to technology changes and pricing
pressures, production complexity, investment requirements, and margin profile, resulting in a generally comparable impact of (and ability
to react to) economic factors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in">(b)</TD><TD><I>Geographic region</I>: We disclose revenues disaggregated by geographic region representing greater than 10% of consolidated revenue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in">(c)</TD><TD><I>Market or type of customer</I>: As noted in clause (a)&nbsp;above, we disaggregate revenue by shared market attributes. Based on
the similar characteristics of the product lines within each of our ATS and CCS revenue streams, we do not believe that further disaggregating
revenue by sub-markets would depict how our revenues and cash flows are affected by economic factors. Similarly, as noted above, we believe
that the end users of our products and services are similarly impacted by economic factors, such that disaggregation of revenues on that
basis is not warranted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in">(d)</TD><TD><I>Type of contract</I>: Our contracts (which take the form of purchase orders) are similar in type and terms, such that disaggregation
on this basis is inapplicable (see response to comment 5 below).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in">(e)</TD><TD><I>Contract duration</I>: Our contracts typically require delivery within one year. We consider substantially all of our contracts
to be short term, such that disaggregating revenues by contract duration would not depict how revenues or cash flows are affected by economic
factors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in">(f)</TD><TD><I>Timing of transfer or goods or services:</I> We do not believe that the impact of economic factors would differ between our &#8220;point
in time&#8221; and our &#8220;over time&#8221; contracts. As a result, we have not disaggregated revenues based on the timing of revenue
recognition. For example, the impact of global supply shortages similarly constrained both our &#8220;over time&#8221; and &#8220;point
in time&#8221; revenues.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(g)</TD><TD>Sales channels &#8211; All of our revenue contracts are obtained through the same sales channel (internal sales personnel). Disaggregating
based on this basis would result in all of our revenues being aggregated into one revenue stream such that disaggregation on this basis
is inapplicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In selecting our ATS and CCS revenue streams as the appropriate
categories for disaggregation of revenues, we also considered the guidance set forth in IFRS 15.B88.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IFRS 15.B88 requires entities to consider how the information
about the entity&#8217;s revenue is presented for other purposes (including in disclosures presented outside of the financial
statements, information regularly reviewed by the chief operating decision maker (CODM) for evaluating the financial performance of
operating segments, and other information used by an entity or users of an entity&#8217;s financial statements to evaluate the
entity&#8217;s financial performance or make resource allocation decisions). In considering such factors, we note that the
disaggregation of our revenues by ATS and CCS revenue streams (as described above) is consistent with the level at which our
revenues are disaggregated when they are regularly reviewed by our CODM for evaluating the financial performance of our operating
segments. Other categories of revenues are presented outside of the financial statements either in response to form requirements or
as otherwise desired to quantify the reasons for material revenue fluctuations between comparative periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In summary, we group our revenue </FONT>contracts
into two revenue streams that individually share distinct characteristics, and that reflect how we manage our businesses and operations.
We believe that our current level of revenue disaggregation in our financial statements appropriately depicts how the nature, timing and
uncertainty of revenue and cash flows are affected by economic factors. In addition, when selecting the type of categories to use to disaggregate
revenue in our financial statements, we considered the guidance in IFRS 15.B88, including the information that is regularly reviewed by
our CODM for evaluating the financial performance of our operating segments, information used for internal resource allocation decisions,
and disclosures presented outside the financial statements. As a result, we believe that further disaggregation is not required by IFRS
15.114 or the relevant guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2222670d1_correspimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>Please revise future filings to provide the disclosures required by IFRS 15.119(b), (d), 120, 122, 126, and 129 or tell us how
your current presentation is appropriate.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Celestica acknowledges the Staff&#8217;s
comments and respectfully advises the Staff that after the inclusion in future filings of disclosures regarding our use of specified practical
expedients as described below, our disclosures with respect to IFRS 15.119(b), (d), 120, 122, 126, and 129 are appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">IFRS 15.119(b)&nbsp;&#8211; this
item requires a description of significant payment terms (for example, when payment is typically due, whether the contract has a significant
financing component, whether the consideration amount is variable and whether the estimate of variable consideration is typically constrained).
Our revenue contracts do not have significant financing components as the contracts are completed within one year and cash is collected
on average within 60 to 90 days of invoicing. We rarely enter into revenue contracts with bundled deals with multiple performance obligations
(our contracts typically have only single performance obligations), variable consideration, or that offer significant financing terms
<I>(i.e.</I> payment terms in excess of 1 year). Typically, there are no significant payment terms in our revenue contracts that we believe
would be considered useful to the users of our financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white">IFRS 15.119(d)&nbsp;&#8211;
this item requires a description of obligations for returns, refunds and other similar obligations. </FONT>Our terms with our customers
only allow for returns due to workmanship/quality related issues. We do not offer a general return policy for unwanted products. As a
result, our return obligations are generally not material, such that disclosure is not required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IFRS 15.120 &#8211; this item requires an entity to disclose specified
information about remaining performance obligations. We have not included the disclosures required by this paragraph because we have applied
the practical expedient provided by IFRS 15.121. In future filings, we will disclose that we are applying the practical expedient provided
by IFRS 15.121.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IFRS 15.122 &#8211; this item requires that an entity explain qualitatively
whether it is applying the practical expedient in paragraph 121, and whether any consideration from contracts with customers is not included
in the transaction price and, therefore, not included in the information disclosed in accordance with paragraph 120. As noted above, in
future filings, we will disclose that we are applying the practical expedient provided by IFRS 15.121. In addition, consideration from
contracts with customers not included in the transaction price is immaterial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2222670d1_correspimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IFRS 15.126</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>This item requires information regarding estimates in connection with determining the transaction price. There is no estimation involved
in determining the transaction price of our contracts as the consideration is fixed. Further, our typical revenue contracts do not include
any variable consideration. Accordingly, this item is inapplicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>This item requires information on whether an estimate of variable consideration is constrained. As our typical revenue contracts do
not include variable consideration, this item is inapplicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>This item requires information regarding allocation of the transaction price. As noted above, our contracts generally do not include
multiple performance obligations that would require the allocation of the transaction price based on standalone selling prices. As a result,
this item is inapplicable.</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>This item requires information regarding returns, refunds and other similar obligations. As noted in our response with respect to
IFRS 15.119(d)&nbsp;above, returns and refunds we experience are not material as our revenue contracts do not provide for a general right
of return for unwanted products. Accordingly, this item is inapplicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IFRS 15.129 &#8211; This item requires disclosure when an entity elects
to use the practical expedient in either paragraph 63 or paragraph 94. In future filings, we will include in our disclosures that we apply
the practical expedient in paragraph IFRS 15.63. However, we do not apply the practical expedient under IFRS 15.94.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Closing Comments</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I sincerely hope that I have addressed the Staff&#8217;s comments on
the Filing. We are committed to continuous improvement in our filings, and appreciate your comments. I will be pleased to respond promptly
to any additional requests for information or material that I may provide in order to facilitate your review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Mandeep Chawla</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Mandeep Chawla</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt">&nbsp;</P>

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