Corvis to streamline operations, reduce costs via multi-year manufacturing outsourcing agreement with Celestica

August 14, 2002

1 Min Read

COLUMBIA, Md. -- Corvis Corporation (NASDAQ: CORV), a leading provider of intelligent optical networking solutions, today announced that it has entered into a multi-year manufacturing outsourcing agreement with Celestica, a world leader in electronics manufacturing services (EMS). “Our partnership with Celestica enables Corvis to focus its resources on technology development activities and critical integration and testing activities as we work with the leading service providers to provide end-to-end global networking solutions, ” said Jim Bannantine, president of Corvis. “Outsourcing our manufacturing operations is part of our overall strategy to position Corvis for long-term success by maximizing efficiencies across the organization.” Under the agreement, Celestica will become the exclusive manufacturer of Corvis’ terrestrial optical networking products and sub-sea terminating equipment. As part of the agreement, Corvis will immediately begin transitioning its module-level manufacturing capabilities to Celestica, offering Corvis the opportunity to streamline its manufacturing capabilities, improve overall manufacturing flexibility, and reduce costs. Corvis plans to maintain certain critical manufacturing operations in Columbia, MD, mainly to support new product introduction, final assembly, system integration, and testing capabilities. Additional details of the outsourcing agreement were not disclosed. Corvis Corp.Celestica Inc.

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