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Growth in electro-medicine and industrial in Valencia

Celestica, the Valencian branch of MSL SPV Spain, an American company that bought the Canadian electronic components company Celestica, recorded a 19% increase in sales in 2021, reaching 63.3 million euros. The accounts filed with the Commercial Registry indicate that the company’s demand-linked activity in customers in the electro-medical and industrial segment has progressively recovered. Despite this, the company still maintained losses, although it reduced the figure from 3.4 to 2.1 million euros.

The management report accompanying the accounts highlights that Celestica Valencia’s turnover in the electro-medicine segment increased by 62% with “solid and sustained growth” and the introduction of new customers. In the industrial segment, the increase in turnover was 24%. On the other hand, the avionics and defense segment grew by 3.2%, maintaining its situation of relatively depressed turnover due to the decrease in flights and activity affecting the entire aeronautical industry.

The company highlights that the core of its sales is focused on five avionics and defense, industrial and electro-medical customers, which account for 62.3% of turnover, showing a greater diversification than in fiscal year 2020. In addition to the electronic board manufacturing (EMS) and sub-assembly business, Celestica Valencia continues the diversification achieved in the market segments served by the factory, including the assembly of robots intended for surgery in the electro-medicine segment and the design and development of advanced solutions for medical equipment.

The company’s 2022 outlook is affected, albeit to a lesser extent, by covid-19, especially in avionics and defense customers and by stocking difficulties in component markets, freight and transportation cost overruns, energy cost overruns and market volatility due to the global geopolitical situation. The company emphasizes that “the actions aimed at increasing the diversification of the factory continue, in addition to the development of current accounts and new customers”.

In summary, the company has posted negative results for FY2021 due to limited activity at the facility, in part due to the covid-19 effect and expenses associated with the restructuring of operations. However, demand for 2022 is forecast to be higher than 2021 with significant growth, both due to activity linked to new accounts and the progressive recovery in demand in the aerospace and defense and industrial segments.