Celestica

IBM built its machines in-house in Toronto for decades. In 1994 that operation was carved out as a standalone company, bought by the investment firm Onex in 1996, and taken public in 1998 — turning IBM from owner into just another customer.

Its focus has swung from consumer electronics to hardware for hyperscale data centers — switches and servers for the cloud giants — plus aerospace and industrial work. The AI boom has handed record numbers to a company that otherwise lives on the thin margins the trade allows.