, a maker of wireless infrastructure solutions, said
agreed to acquire its Philippines manufacturing operations.
Electronics-manufacturing services provider Celestica will pay Powerwave about $19 million in cash to acquire the manufacturing operations, including buildings and all inventory and equipment at the site.
As part of the deal, Celestica will be Powerwave's preferred outsourcing partner under a multiyear supply agreement.
The sale of this unit will help Powerwave optimize its manufacturing operations to support its global customer base, while reducing operating expenses.
Powerwave's shares were trading at $14.61, down 8 cents, or 0.5%.
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