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FOR IMMEDIATE RELEASE                                              July 29, 2003


                    CELESTICA RECEIVES TORONTO STOCK EXCHANGE
                    APPROVAL FOR NEW NORMAL COURSE ISSUER BID

TORONTO, Ontario - Celestica Inc. (NYSE, TSX: CLS), a world leader in
electronics manufacturing services (EMS), today announced that it has received
approval from the Toronto Stock Exchange for its new normal course issuer bid.

The issuer bid, previously announced on July 24, 2003, is effective for a
12-month period effective August 1, 2003 and ending July 31, 2004. During that
period, Celestica is authorized to repurchase, at its discretion, up to
16,996,165 subordinate voting shares, which is 10% of the public float of the
subordinate voting shares, on the open market subject to the normal terms and
limitations of such bids. Any shares purchased pursuant to the bid will be
purchased at the market price of the shares at the time of purchase and will be
cancelled. The shares will be purchased on behalf of Celestica by a registered
investment dealer through the facilities of the New York or Toronto stock
exchanges. Any purchases will be funded out of Celestica's cash resources.

Currently, there are approximately 174,317,943 subordinate voting shares of
Celestica outstanding. During the last 12 months, Celestica has purchased a
total of 18,380,593 subordinate voting shares at an average price of $13.08
pursuant to its current normal course issuer bid, which expires July 31, 2003.

Celestica believes that its subordinate voting shares have been trading in price
ranges which may not fully reflect the value of the subordinate voting shares.
As a result, Celestica believes that its outstanding subordinate voting shares
represent an attractive investment to Celestica.

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 services to leading OEMs (original equipment
manufacturers). A recognized leader in quality, technology and supply chain
management, Celestica provides competitive advantage to its customers by
improving time-to-market, scalability and manufacturing efficiency.

For further information on Celestica, visit its website at
http://www.celestica.com. The company's security filings can also be accessed at
http://www.sedar.com and http://www.sec.gov.

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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 COMPUTER 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
EXPANSION, CONSOLIDATION AND THE INTEGRATION OF ACQUIRED BUSINESSES. THESE AND
OTHER RISKS AND UNCERTAINTIES AND FACTORS ARE DISCUSSED IN THE COMPANY'S VARIOUS
PUBLIC FILINGS AT http://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.

IN THE COMPANY'S BEST JUDGMENT, THE EVENTS NOTED IN THIS PRESS RELEASE ON A
STAND-ALONE BASIS ARE NOT EXPECTED TO BE MATERIAL TO CELESTICA'S OVERALL
FINANCIAL RESULTS.

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CELESTICA CONTACT:

Laurie Flanagan                                     Paul Carpino
Celestica Global Communications                     Celestica Investor Relations
(416) 448-2200                                      (416) 448-2211
media@celestica.com                                 clsir@celestica.com