Professional Documents
Culture Documents
Lltx,d hircl contrriissionecl the str-rclr' {itr tu'o reasons. First-, ICD lrad
lrttltt lterlrt'retll improretttt'tll l)l')qrlnls in arr t llirt'l l. hor)\l '.1)lPctitireness; :rnd Llovr,l rr.anted the bcrtchrnarkirlg studr. ttl guicic lirrther irriti:,rtiles ancl to determine u,hicl-r irriprovclrtent stcps shoulcl c:otrtitrticl t<r
be pursuecl. Second, he planneil to nse the restrlts :rs a llasis {ol' settirlg rr
nerr strategic direction. Llovcl kneir' that his team o[ n]anagers tl'as tt:r:hniculh,skillecl ancl cxcited abotrt t:rcklins the ne\v clrallengcs, bttt hc u'as
cttncernecl about their lack of experience in cxternal markets.'Ihis strrd.'u'ouicl be an irlrportant step in huilding rr.liat harl ottce beett a tnatrtr{1r:turing cost ccnter into an orqanizaticirr that cotrlcl exploit its capaltilities
to general.e l1e\\' col]llllerciaI cippo|tr.rtlities.
The results of the str-rclr', hortcr-cr, u'ere $,orristtrne. T'hcv irnplicd that
the }IICINI organizirl.ion ncericd to Inake sornc raclical charrSes in order tt-,
meet prevailing market tteerls. Altl.rotrsh Llovrl :rgrcecl th:rt thr: Nf(lN'I
group had to rnake sorue firnclamental chnngcs. he had sevelal naeuiug
cloubts irncl qtrestions regaldins the consultants' Ilntlings:
pe r r
i-
,rr o1
:rs
Port
in the f.ture? The MCM market \,vas in irs infanq,, and the srate
o{'competitors hacl bv no means stabilized. Ind,stry experts
seemed ,nable ro agree on an outlook; credible prediclions
ransed fr.m explosive srowth to complete clissol,tion. Lloyd
r'r'orried that focusing on a goal based on current standarcls
rnisht leave them behind in this fast-pacecl, capricious inclustrrr
2. Horv should ICD focr"rs its marketing strarep;,? The NTCNI market
cornprised se'eral diverse segments, and foc.sing on the development of onc set of capabilities misht preclucle ICD from serr.
ing other seg-tnents as r,r,ell as thev coulcl in the future.
3. Sh<luld ICD's rnanufact,ri,g impro'ement plans Ibcus on one
element .f performance, such as qualit,r., to the exclusion of the
others, such as q,ick-response and cost? ICD had embarked on
a n,rnber of qualitl.in)provement schernes over the vears and
Iasr lear had placed lrighest ernphasis on cusrorner-ser'ice
impror-eme.t. This -vear ICD was imprementins rvidespread
cost cr.rtting initiatives.
supplier in the United states. The ICD clir,ision had its beginninosin the
early 1960s r,vhen Inresron developecl technoiopl.for- builcling hl,brid
i,tcgrated circuits. Inter.al dernand for tirese circ.its boomeci a'd by
the rnicl-1970s, Iive or six mantrfacturing pranrs had been built to provide
rnrrch-nceded capar:itri At the same time, telecornrnunications L..n*.
much more softlvare intensive and clemancl for cledicatecl hardware
slou,ed. Manufhcturing ol hvbrid integrated circuits, (a technologv combining cligital and :rnalog technologies) r,r,as consoliclatecl into the sinsle
Bccause ICD had been a capti'e srrpplier to orher groups rvithi, Integron, its organization u,as designed auurcl the support o] internal
cus-
torners. Prodr-rcts rr,erre passed liom unit to unit a.t cost, anrl the business
driven by research ancl the resulting technolosicai needs in Intcgr.on
as a lr,holc. The $30 million busir.ress unit lr,as organizecl on a product
and customer basis, ancl even thoush R&D ensineers l.racl been intervas
Cose
. ic.1!r
3.2
lntegron lncorporoted
\\hile
rr',i(
'L-
.r
rr
,.r1r
rrt r,
ih specializccl r,r,orklirrcc.
Stonding AIone
fi .,,c late
r er-r,
quicklr,.
\\-ith the chill u,inds ol chanse bloh.ing througir the conrpirnr,. ICll)
iltiti:rtecl scrc't':rl improvt'rncnt pl'()e-r:uns in un cffirrt to bcconte rriore
r'()tllpetiti\ e itt t]-rc cxternal utarke t. (lontirruous qualitr improvernerrt
lracl long brcn a ccntral theme at lClD. Inrleccl, the brrsincss rrnir urrs
pr,rr-t ol a gr'()Llll rr,inning t.lie prestiuiorrs SkinncrAv:rrcll 1br Chr:rlitr in
1!)!)3. NIo:t L'nri)lovees in thc plant rlelc rnenrbcrs of at lcirst one
clr-ralitr- team.
ti
166
Port
Mulrichi
Modules
Thcre nere three basic substrate tvpes, which distinguisrrecr the various \{ClN{ families: MCN,I-C (Cieramic), MCM-L (Laminate) anrl MCM-D
(Diclech-ic). Each familv o1 N,ICNI varied in rerns of the solutions it
ofI'erecl. N'icM-cs were based on a thick-filrn technologl.substrate. The
MCN{-L technoloe-1"r,as similar to surface lnollnr techrorogl (sNIT), in
that it achieved high densities anrl rvas the cheapest r, produce. Finall1.,
the x'ICli\I-D technolog.v was thc most technicallr acllancecl of the three
product n'pes. Bursed on :r thin-fiirn technologr. snbstlate, it lvas excellent
for ror-rting nnd densit-v problems. MCN{-Ds rrere als. capable of
',orking
at verv higli freq r-rencies, currently those above 1 00 \IHz, as cornpared
to
printecl circuit boards. ivhich u.ere limited to applications belou,50 NIHz.
ICD ofl'ered proclucts in the N{cN{-D ciass and u-as also u,orking on an
acivanced technologr.proclr-rct in the MCN{-D categon,that u,oulcl enable
it to ofI'er a nrtrch lorvcr-cost dielectric solution.
Monufocf urin
Process
Producl Reolizotion
The creratio, of multichip rlodrrles at ICD \l-as a process characterized by hear.r, early interacticin betrveen the custonrer- ancl ICD applicatior-rs enginccrs zrnd desisners. Prior to the .rcttral bid, a team
u'hether there
requirecl r,oiumes.
Next, the custotners and ICD <lesigners decidecl upon the technical
spccifications ancl lavout of the lr-rocLnle. Agrecment reearding the
Cc:se
specific:rtions
1t,as
acknorvledged
1:1.
3.2
lntegron lncorporoted
et)sured tlurt all teanl mcrnbers haci clciuly'laicl out their rJc,signs ancl
Pro(luct critcria. The tearlr Lhen eml);{l'kecl o1l z1 lrrotot\?ins pl"occss to
builct ancl test. thc nroclcls a.ncl prototype batches. Throtrghout this
Ilrocess, (ktrolvu to all as the product realizatiolr process, PI{t}), arduou.s
fiurctional tcstinq" u,as done to simtrlate the lot in ltrli proclrrction rtith
thc highcst possible fidclity The crrsronlers cl:eckccl rhc clesisu of the
sample procluct f-or thcir application irfter- tlri.s hrst group of urodels hacl
l:een built ilnd testecl r'r'ithin ICID. TIris step u,zrs ckrctrlnentcd u.ith a cus*
tortter r:roclel acceptance letter. The per:icld {i-orn rhc ol'iq-iniil rlesign
accept?illce lett.er
\\,as I'Picall1,
fbur
\,rrecks.
Dtu'ing the fir-ral 10 rveek pltasc bef,orc volurue proclrrction, the clcsic*n
built an engineering 1>ilot hatcir, rrslrally a groui) of 10 to ?0 moclules thtrt the ctrstonrer tvould trse in his or her riesign proccss (ratherte2lnr
thatr situpl1, check fi>r functionality). Tliis prc)cess ltas sirnilar to thc
model ltrocess. I)esi.gn cJ:;lng'cs \t,erc iti:or-prl'atcd ancl the mirutr|actrlr'ir-rg process rA/as ftrlh,tlot:umentecl to facilitate r:oltrme produc{.ion. A{ter
corlpletiotr of the lot, the cnstor-ner irg;rin signecl olf rvitlr :r prodtrc{.
or- he r.r'as reacly to bcgin vohrrtre
Once schccluled, a r ollte c:rrcl ancl shop order \r,erc creatcd irncl clisi:atched to the first step of thc rnarrnlhcturing prc)ccss. A stroug ru'tion
insrairted custotr-:rnd1:r'acticr: dictiitccl rrery specific rolcs fbr eaclr oper:
irtor; nccessitating a stal:le o{'material haurllcrs, displitclrers, ancl "regrrlar" olterzltol's. Iiach operator carelirllv docullentcd, on the rotite carcl,
his or lrer coutribtrtion to the l]l'ocess and urovert the lot thrr:ugh the
linc. At the encl of ttre process, thc i:ar-ts lr,ere cnterecl r,ia a b:u' cocle
reacler into the on-line trircking sys(em, and inpr"ocess vield l<;.rses \rere
calcul:tted. The prodttct rvas packed irncl shipped in a small roonr.jtrst
ncx{. l.o t}re manuflrctrrring Area.
ht t"he e irdy 1090's, as 1l2ut ol'ICD's cornrnitrneilt to improving its r-n:rntufitcfttriug abilities, thc nrantrfilcturinu irr"ea bcg;ur trarrs{orrrring itsel{'
fi'our a ltrnctic-rtral la-votrt to three focusecl firr:tories, each focusiug olt zr
clifferent tt1:e of clecfronic packlrging. Uncler thc nelu s\rstem, all orders
t67
Port
ldentify
Customer
Opporlunitv
lnitial
Customer
Opportunity
Evaluation/
r^hhi^al tr.r^h'
/eio\
&
Letter Drawn
UD
Certify FitnessJotruse
Circuit Layout
Design & Component
[,4apping
Electrical
Test Spec.
Compatibility
Bedes gn as Needed
Assessment
48 Hour Technica
Debug Process
Cose
3.2
Iniegron lncorporoted
'-'ilr-o(hr(t
',,J
.e
e Exlribit .,1.2).
Forecast Beceived
buy
i\,4/S
System
(AtvlAPS)
Checks BOM
& Capacity
Availability
System Directiy
Schedules Build
CSLO' Tracker
Proqra m (in)
Recetves
Electror ic Pick
) Stage to BOI\,,1
Production Process
Occurs
Packaging &
Shipping Occurs
Adjacent to Production
Port
The Morket
Not .niv wirs the overall gron,th of' the multichip moclule rnarket
urrcertain" but the relrfiit.te gronth of each of the hishly diverse se{rments
u,as also cliflicult to predict. There rvere thrce primary market segments:
personal computer.s, .wircless, and automirted test equiprnent.
Personsl computers & workstofions ICD projected rhis segme.t
u,oulcl srou, frorn about $70 million in 1993 ro ahorrr $1.1 biliion in 1995.
Altho,gh it *'as the largcst single segme,t, it u,o.ld most likcly ha'e the
'e'y
short. custcimers dernancled fast prototvpins abilities, and cost pressures
$'ere tremendous. Also, most cllrrent rnultichip moclule competitors
$'ere focusecl cln this segment. ICD hacl {bcused on the high-encl rvorkstirtion portior-r of this segment ir-r order to ler,erage its leading-edge
techr-rologl capabilities, but rnanirgers \\rere certain of thc n.l"d t,,
derr:lop a ne\\', cheape' tech.ologv to .emai^ a co.tcnder in this
segmellt.
[i'om irbo.t $40 rnillion in 1993 to g280 millio, bl, 1g95. This segnie't
currentll hacl longer procluct lif'e cl.cles than tire pcl market, ur-rd tlr.
required prod.rctiorr runs were also longer. Horver.er, the rvireless market
ru:rs lacing t.oush cost pressures and u.as moving to the Lrse of ,,platfbrm,,
prochrcts-birse prodncl.s that coulcl be urodified or uperaded over dmc
u'ithout :r full-scalc redesign. To compete in this seg:ment, ICD might
have to rcoricnt its rvhole "custom-clesien" process to shift from 100%
cust()11 to a much more incremental approach.
Aulom,,ted Test Equipmenr and rnsrrumentqtion (ATE) The targeted areas o1'the ArE market includecl vision sr,srenrs. irieh-speed
instmmclrts. integratecl circuit testers, and circuit bo:rrci testers. This marker
was expectcd to grorv fiom $28 million in 1993 to s72 millior-r bv 19g5.
Cose
3.2
lntegron lncorPoroied
, r---.:, rechnical requirements ill this segrnent {itted u,ell with lCl)'s
l,,i-L-)
etitio
Bccrrr-tse
r-
theit' specifii rnarket approach tactics \verc beginnitls [rl diverger. IBNL
,\T&T ancl lntesron had kept N,ICM capi,rbilities in-hor-rsc, but recentlY,
DECI hacl clitesterl its capabilities intc'r an ilidepenclent contprurr. \'[icro
\lociule Sr,stems
(MN'IS)
chip n-rakers ancl systc,,ns houses (c.g., Sun N'ficrosYstems) ' Aclditi<lnallf',
the. MCII inclustry lackecl specific staudarcls, rn:rking it ciif1lcrrlt lor
assembiv houscs to replicatc modtrlcs fbr appropriate specificatiousmaly of the stalclar<{s tl-rat clicl cxist hacl done so 611v tacitlr', allong
Port
lzrrger companies' ensineers. Ho,r,vever, with the crevelopment of thirciparty softlvare-suites of standarcl design tools, contract assemblers were
expected to acquire desisn capabilities quickly. In ad.dition, the Microelectronics and cornputer Consortiuur was clevekrpinu industrr-rvide
standards. If these competitors o\-ercarne their current obstacles, thel,
u,ould be in an excellent competitive position, because end users \,vanted
the flexibilitv to ,se diff-erent companies' chips in any given clesign.
Withi,
The Problem
Gambling, according to Llor,d, \{as not soocl enoush for his manr,rf-acso he u,as determined to clevelop abilities across
a broarl front to cover all of the perssibilities.
in order to
grorv, arrd the organization had developed a to do list to help boost irs
I utotr,ld lore to thinh th,L there is some perfect, fbcusecl sfra,teg\ out
there that uould enyure our success. lhtt the
('the matter is tltat ute
lact
ini,tiatives inclurli.ng
a,
satis:
.faction surac).
Llovd brousht in tlvo consultants from Hantrvood Associates, to conduct a benchmarking st,d,v of the r.anufacturinu operation fbr trrro
1'easor1s. First, he'wanted to assess the progress that had been made in
the various, periciclic improvement initiatives in the past. second, he
r'vanted a methocl bv which the manufacturing sroup could set operational goals for itself. The consultants, Debra Spoouer and charlene
crandall, both recent graduates of a lr,ell-knon,n Eastern business
school, initiall,v ernbarked o. the generic steps of a benchrnarking
studv but quickl,v ran into problems as they thor,rsht aborit the clesign of
this particular stud\,.
Cose
ME INITIATIVES
3.2
lniegron lncorPoroted
l. lSO900l
Certificotion
3. DQI Progrom
4. Customer Servlce ond Quoliiy
lmprovement
Foru ms
5.
6.
/.
IMPROVE
CUSTOMER
SATISFACTION
ORDER
Sysiems
NEW PRODUCT
l.
INTRODUCTION
PEOPLE
INCREASE
PEOPLE
LEADERSHIP
Skinner Assessmeni
1. Leodership Troining
2.
3.
PROFIIABLE
GROWTH
COMPLETE
FINANCIAL
COMMITMENT
TECHNOLOGY
ENVIRONMENTAL
Process
4.
4.
PLAN
Acceplonce
INVOLVEMENT
TURNAROUND
&
2.
REALIZATION
SKINNER
DISCIPLINE
INVOLVEMENT
L
2.
3.
1 . ABC lmplementotion
2. MCM Focus Foctories
3. FCP Focus Fociories
4. Expense Reduction Initioiives
'l
. MCM-L Iniroduction
2. Low-cost Metollizotion lnlroduciion
3. New Polymer Introduction
4. MIT lniroduciion
5. FCP Developmenl I I I Proqromsl
CFCICHC Eliminotions
2.
3.
organizad;n h:rcl to br-rild a set of sctleral capabilities that i:oukl scrve all
segmi:nts. He hopccl that thc stucll"lvoulcl help unc:rrth this set of rcquired
skills; thus, hc clid not \,vant the consultattts to 1l21rro\{ the sttrdl ilr atrv rvav
Port
,",I'l}|l|:.||:?:llfl;orne
r
iri
this f.stpacecr,
rJre
s .,,,i.;,i]:F
lr:rscrl orr
ft , c,
s i
..i"
i,..1,,.t
,r7
"i
,rll ttt
st.t lorrg_ler.rrr
objcctires
.l]
ii"r,:"'ji,"::*::::t1,
I I(-_D set specific ohjt.< tircs
rnitior
approoch._tBecanse
;T*"ff:i
i;
J,,rl
o \,\rhich rnanufar.ttrring
perforrnancc criteria most
influenced
custorner,s
buving clecision
'
.
pt.rlirr.ntirrgl
i;;ii.
::
;i:Jll:ilil:T,,11i;*Hi?riiHIi'1H1,ll,"ii""3i:'J?:l:::
tt)r. cutitomers. spooner
crandar
:rncr
feit rhat ,rr" ,il".i,""i,-,"j.1:ii
c o,,, p c n a re Ib
r th e *iX, i'i:lH:,.;l-:T:,:1._::1,
Tiii : : I ;],..,f:t
r'ante. ro corrpirre rhe i,re.n.I
p.r.;.;tt,. of ICD peopre w,ir]i cus,
.
."'.. u1
i;; * :; *"0,
;?ill l,:'il F:l :;:., ;
,i1,,
i ili ;l
",,,,,,,;.n
tio.s; seco, <1, trr e criff.e
rencc
*i:
;;
rr"*"",, :"dililili::l::ffi "J;
..:
rerporterl
**:
ICD's perfbrmallce, as
b1,
custorne
r s.
Cose
3.2
lntegron lncorporoted
-'
o{ Oueslionnoire
::: . onolyzing ihis questionnoire is to goin on understonding of customer's needs, percep: -: :: -'eoron, ond perceptions of the competiiion in the high-end multichip module morket. The
::-': ( ce compiled ond used to help determine lntegron's strengths ond weoknesses. Pleose
: : : i:* nlnuies io look over the questions, We will coll to discuss your responses,
- -.
Good
Averoge
Poor
3-:l;ry
:chnicol Competency
):ice
3iher
'
2
How long do you spend tolking with lhe lniegron Soles rep prior to the buy decision?
!b*L t n*r"tlt
nhwbntxt,e4ot
Whot criterio ore importont to you when considering the purchose o{ MCMs? Pleose
ronk these on o scole of I -7 (l : not importont, 3-4 of overoge importonce, 7 criticoi). At the end, pleose ronk your top five criterio by writing their ronk next to them.
;-+,
,\..-+
''l'.rlr
h, 'l qF
^'
Port
(Continued)
D'
:r"..,.1:;"1;f.:,
Rqnk
erage, 7 exceilentt|).
Al:;;
;[;,;'
Criterion
;"nk
t
4
x
---
(r -
\.
Ahil;h, I^.
y suppl
Renrrtntin"./l^^^^,,;*. ^r
-ah;l;
Other:
I
E.
ro
' li:Ai:iffi:::iJ:'lt6?
LwttL 6j.L G llhn/e4
F.
prerer
tLAt
/4r41
nLhW
7qd4*
tn?u
Tnwrulaa*dtfu
tuthMl, t)ar4alrna&cl
ce4t, thtubLli4t
P4oitLrAW
N,fGT
fn*rut
441X,
7wwral,,;a.etbruy
pt,id.rq&*
C6an,
awqL+wh*t/t
ll
RWLi&
AMLtuW
Co,"t
G.
ls your physicol
h@.
Continued
Cose
:::h
3.2
lnleoron incorporoted
of
of supplier
!vhot ore the three most importont things lntegron could chonge to improve their
,e otionship with you?
.'
.,.
rt,.':t tl*
@-,tad
whe
tu
qtt
d4 a
lrum
fau&l
Pleose odd ony other informotion thot would help us ossess lntegron's relqtive compelitiveness.
' :...
. L.t t e'"
We, fu.lpl
rnanu{lrctrrlirrg
' lr1l{ths atrcl c:ustlrttrerrs' lrttving criteriil, thev trskc-cl crrstollerii to r-lrtc
'i. D: per'1br-mance on elrch ol their critelia. Next, the crinsrrltants
r .rlrzeci the clifJ'elences bet\\:ee, ICD's pcrlirrnlalrce ratilrgs and its
til]letitors' ratings to rlctcrrlir-tc the rnagllit.rrdc ol irnt. corrrpet.itirc:
Thc consulrants
alsc'r
alscr
PERFORMANCE
coMPETtTOR
BUYING
IMPORTANCE
TO BUYING
DECtStON
Customer
CRITERIA
(Customer Avg.)
Averoge
MCM
5.25
4.60
2.50
5.7 5
7.00
600
3.7A
1.50
500
600
6.40
6.00
5.00
5.7 5
5.00
6.80
6.00
5.00
5.50
5.00
510
6.25
454
500
4.50
4.50
500
3.50
7.O0
4.50
5.50
3.70
4.04
550
4.OO
5.60
3.50
4.50
5.50
4.00
Adequote documentolion
420
4.7 5
400
6.7 5
5.50
600
6.50
6.00
4.50
5.20
6.75
5.00
7.OO
550
s.80
670
7.00
7.O0
4.50
500
5.50
4.00
550
4.OO
tcD
App. Eng.
Averoge
PERFORMANCE
Customer
Averoge
App. Eng.
Averoge
substituie technoloqies
Guolity (odherence to
specificotions)
Meet currenl technicol
requ iremenis
Degree of cuslomizotion
ovo ilo
le
Reputotion/longevity
pplier
o1
su
Workstotion
2. Quolity
3. Cost & obility to produce
ATE
l.
Wireless
Service
1. Quoliiy
reqs
3. Quolity
3. Abiliiy ro
4.
4.
high volumes
4. Longevity / reputotion
5 Length of time to get
volume produclion
Cosi
reqs
resr
Cosi
Cose
3.2
lniegron lncorporoted
'.
Ex]ribit l].7).
. .( )\t
irrpor_
blrrtii.r.s
blff.t-ie fS
''irrr1 rlrt.rrr lr.orrr arloprirrq \l( \ls_rrf,if.
,,fffi,l,
i,,,,.
- :.rr.1s c-.,siste,tl's:rr.r,it:rs titc rn.st critical eler,e,t iin tltr:
r
g riecision
^'s
_::_
requiremenls
Workslotion Cuslomers
I
Meeling current
Quoiity
techn
icol requireinenis
Longevity/ reputotions
Morket Positioning
nsh
Complexity
or
crose deors?
or
row-cost'
morkefs:
feer rike
iobricotion of
Im
osked to
do
two
Ajter heari,g
Dilem mo
The follor'r,inc Tuesclar,, G.ary Llovd l.oked dor.vrr at the
rec.rnmencla_
he
c1c'r'eroped. The,v'irnpiied major char-rges for
his .rga.iza-tracl
i
tiorr, ancl he had several lingering doubts ,ilo.,t th"it.,cly,.
tio,s
. First, the sur'ey.es,lts *,ere baseci o, a very sr.alr number,f responclerts. Ll,r'cl's feeling *,as that the resrrlts were {rene'ary
acc.rirte, but he
had to arlrr-rit ther.n,cre by no rneans stirtisticalltj signilicarrt.
i"."ra, f Cn
had plentv to do rvithout the rrphezrval of the raclicar
crrange irnpriecl b,,
the fi,dinss.f'the sur'er,, n,t the reast oI'l'hich *,as
to."r*;rrrr"'r.rJrf
internal custo*ers. ()ther Integro, rinits neecled rris orsanization,to
rcrnirin at the fore{iont of tech,ological clc'elopr.ents,
and he clid .ot
watlt to do an,vthir-rg to put that capaltilih.at risk.
Llo,vcl r''as fi.strateci. He courci rlot preclict horv
the market w.urd
cha.ge,.b,t the st,dr.h:rd shorvn tirat eaih ,f the emersent
lil_v pacls r,r,as
movins in a difl'ere,t dir ection, ar ulrknow, specd. anii
,.,..a"a diff.er_
ent cap:Lbilities from its s,pprier. At the same time, his manufact,ring
pe'ple desperatclv neecrecl to k.orv if their i,rpro'ernent plans
rvere
lrcad..d in rht. riglrr clir.ccrion.
Llo'd coulcl act no\\r or *,ait and repeat the studv rvhen the.e
u,erc:
r"nore c.storners a'ailablc to participate, and rhc.
mer-kct hacl becorne
Cose
3.2
lniegron lncorporoted
: . ", -t. Postponing action was very tempting. The MCM market was
- .,: :'-iicklr., and he did notwant to gamble on a strategy that could
. '...me
outdated.
\ofe fo Cose
-^er Aword wos on internotionolly recognized oword for quolity.
t
I