Marconi Not Doing Well

From The Register, it looks like telecom company Marconi isn’t doing very well. Though their stock price reached $17.70 in 2000, it’s now fallen to $.03. I did web development work for FORE Systems (now a part of Marconi) during the summer of ’99, and I hope they can pull out of this slump.

Once a cash-rich operation, Marconi ended with 4.3bn pounds ($6.6bn) in debt following an acquisition spree when it paid $4.5bn in cash for ATM-switch maker Fore Systems Inc and $2.1bn for Reltec, a manufacturer of last-mile access products. At the time, the company bragged that the deals would move it up into the same league as Cisco, Nortel and Lucent. […]

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