Emulex CEO Says Co To Target Switching Mkt Through Pacts
Dow Jones Newswires
May 9, 2000
NEW YORK -- Emulex Corp. (EMLX) will continue to target the switching market through strategic partnerships, despite the planned merger between its competitor, Qlogic Corp. (QLGC), and Ancor Communications Inc. (ANCR), said Paul Folino, chief executive of Emulex.
Although the merger announced Monday will give Qlogic a hold in the multibillion dollar switching industry, Emulex does not intend to seek out any acquisitions that will make it a major player in that marketplace, Folino told CNBC Tuesday.
"Our goal is to continue to work strategically with players in the (switching) market as opposed to becoming their competitor," said Folino.
When asked why the company's stock has been up lately, Folino said he didn't know. "We're focusing on our business plan, which is moving nicely, and the market will take care of itself," he said.
The stock closed at 62 1/2 on Friday, after trading in the 40s in late April. It last traded Tuesday at 52, off 8%.
-Kaja Whitehouse; Dow Jones Newswires; 201-938-5393
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I wouldn't think that are any partners available now.
Jack |
