Please post your notes from the CC. Good luck everyone. Hope we get our number, but really hope we get a good forward looking statement.
Regards,
Mark
PS This could put some pressure on near term.
Friday January 16, 3:54 am Eastern Time
EDB sees Singapore hard disk drive growth in 1998
SINGAPORE, Jan 16 (Reuters) - Output from Singapore's hard disk drive sector grew 13 percent in 1997, the Economic Development Board (EDB) said.
The EDB said in a statement that in terms of revenue and production units, the hard disk drive industry was also expected to register positive growth in 1998.
The EDB issued the statement in response to the announcement earlier on Friday by disk drive maker Seagate Technology Inc (NYSE:SEG - news) that it was cutting 1,800 jobs in Singapore, about 10 percent of its workforce.
Total manufacturing of disk drives in Singapore was expected to increase in 1998 over 1997, the EDB said.
Other sectors of Singapore's electronics industry, like semiconductor and comunications, were also expected to grow in 1998, it said.
The EDB said Seagate's job cuts would enable the company to overcome excess inventory and price competition in the market at present.
It said Seagate Singapore would remain a major manufacturing centre for disk drive, tape drive, electronics sub-assemblies and disk media besides its disk drive R&D activities.
''Periodic restructuring and business cycle in fast moving sectors such as electronics are expected. Singapore's industrial base will stay competitive and continue to register growth,'' the statement said. |
