About 330 former Honeywell employees will remain at the same plant but be employed by Celestica, a Canadian-based provider of manufacturing services.
Celestica announced Tuesday that it would take over management final assembly and testing, and repair and overhaul for product lines such as electric power, and air and thermal management systems from Honeywell.
Honeywell in Mississauga makes several flight systems for jets.
Celestica has had a long relationship with Honeywell Aerospace, its CEO Craig Muhlhauser said in a news release.
Celestica reported revenue of $1.3 billion in the first quarter of 2015, down marginally from the first quarter of 2014.
Its net income was $19.7 million, down from $37.3 million in 2014.