Celestica completes redemption of remaining outstanding LYONS

TORONTO, Sept. 26 /CNW/ - Celestica Inc. (NYSE: CLS, TSX: CLS/SV), a
world leader in electronics manufacturing services (EMS), today announced it
has completed the redemption of all remaining Liquid Yield Option(TM) Notes
due 2020 (Zero Coupon-Subordinated) (the "LYONs").
The redemption of remaining LYONs was completed on September 23, 2005, at
which time there was approximately US$2.1 million principal amount at maturity
of LYONs outstanding with an aggregate cash purchase price of approximately
US$1.2 million. The redemption was part of Celestica's previously announced
intention that it would redeem all outstanding LYONs after August 1, 2005.
The redemption price on September 23, 2005 was US$575.84 per US$1,000
principal amount at maturity. All LYONs outstanding as of that date were
deemed to have been redeemed by Celestica, whether or not they have been
surrendered for redemption, and all rights of the holders thereof have
terminated, with the exception of the holder's right to receive payment of the
redemption price upon the presentation and surrender of their LYONs.
In order for a holder to receive its payment, the holder's LYONs must be
delivered to JPMorgan Chase Bank, N.A., the trustee for the LYONs. Questions
and requests for assistance in connection with the process for the surrender
of LYONs may be directed to JPMorgan Chase Bank, N.A., at (800) 275-2048.

About Celestica
---------------
Celestica is a world leader in the delivery of innovative electronics
manufacturing services (EMS). Celestica operates a highly sophisticated global
manufacturing network with operations in Asia, Europe and the Americas,
providing a broad range of integrated services and solutions to leading OEMs
(original equipment manufacturers). Celestica's expertise in quality,
technology and supply chain management, and leadership in the global
deployment of Lean principles, enables the company to provide competitive
advantage to its customers by improving time-to-market, scalability and
manufacturing efficiency.
For further information on Celestica, visit its website at
www.celestica.com.
The company's security filings can also be accessed at www.sedar.com and
www.sec.gov.

Celestica Safe Harbour and Fair Disclosure Statement
----------------------------------------------------
This news release contains forward-looking statements related to our
future growth, trends in our industry and our financial and operational
results and performance that are based on current expectations, forecasts and
assumptions involving risks and uncertainties that could cause actual outcomes
and results to differ materially. These risks and uncertainties include, but
are not limited to: the challenges of effectively managing our operations
during uncertain economic conditions; the challenge of responding to      
lower-than-expected customer demand; the effects of price competition and
other business and competitive factors generally affecting the EMS industry;
our dependence on the information technology and communications industries;
our dependence on a limited number of customers and on industries affected by
rapid technological change; component constraints; variability of operating
results among periods; and the ability to manage our restructuring and the
shift of production to lower cost geographies. These and other risks and
uncertainties and factors are discussed in the Company's various public
filings at www.sedar.com and http://www.sec.gov, including our Annual Report
on Form 20-F and subsequent reports on Form 6-K filed with the Securities and
Exchange Commission.
We disclaim any intention or obligation to update or revise any    
forward-looking statements, whether as a result of new information, future
events or otherwise.
As of its date, this press release contains all material information
associated with this event.
(x)Trademark of Merrill Lynch & Co., Inc.

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