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Technology Stocks : Nortel Networks (NT)

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To: Kenneth E. Phillipps who wrote (2004)	2/10/1999 11:34:00 PM
From: Gary L. Kepler	Read Replies (1) of 14638

From today's SD Union-Tribune: Qualcomm seeks help for struggling unit DOW JONES NEWS SERVICE February 10, 1999 Qualcomm is talking to several potential buyers or partners about the fate of its struggling infrastructure unit, company president Richard Sulpizio said yesterday. San Diego's largest private employer, Qualcomm announced last week that it was cutting about 700 jobs, mostly in the infrastructure division, which makes equipment for wireless phone networks. While attending the Cellular Telecommunications Industry Association trade show in New Orleans, Sulpizio said Qualcomm is talking to Nortel, among other companies, about the division's future. Nortel chief executive John A. Roth confirmed the two companies are talking, and noted they already have a strong relationship. The Qualcomm unit in question needs to make at least $800 million to break even this year. Analysts estimate the division will make only half that amount. Sulpizio said there is no offer currently on the table. Both he and Roth declined to give additional details. A Qualcomm spokeswoman would not say how many San Diego employees continue to work in the division. Copyright 1999 Union-Tribune Publishing Co.

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