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TWST: What segment of your business do you see as the leading revenue winner for APW Ltd. (NYSE:APW) down the road?

Mr. Sim: All of our segments are capable of high growth, but we would choose the wireless segment as an area where we will grow the fastest and which could become about one-half of our revenue by the year 2005. Part of that is associated with the tremendous growth in wireless infrastructure that is going to occur as the third generation wideband technology is rolled out. We are pleased that we have been chosen as the preferred supplier of 3G radio bay stations for Ericsson. We have significant business opportunity in the 3G area with Ericsson. We also have similar opportunities with the other major wireless infrastructure OEMs and telecom operators.

TWST: What are some of the other major trends, developments, and changes that you anticipate in your marketplace over the next several years?

Mr. Sim: I believe the major change we will see is a continued trend by our customers to off-load the design and manufacture of hardware as they move forward to become more pure, software, network management companies. But, to do that, they need a partner like APW Ltd. that has the competencies and the global footprint to handle their hardware needs. Our strength is our depth of design capability in enclosures, thermal management, power supplies, backplanes and PCBAs, which allows us not only to design systems, but to be competent in overseeing their assembly and final test. When you marry that deep design capability with the fact that we can manufacture products on four continents, there is no company in the world today that comes close to that capability. This is why we are starting to grow rapidly. Our global customers are gaining confidence in us and are awarding us more business.

TWST: Tell us more about your competitive advantages and what else sets APW Ltd. apart from your competition?

Mr. Sim: Our biggest competitive advantage is that we are the first mover in this market and we have a three-year lead in building such a business. It would not be easy for anyone to quickly duplicate what APW Ltd. has accomplished. It took us 18 acquisitions to build the APW Ltd. of today and buying the 18 pieces was the easy part. The hard part is to take them and forge them into a global system that can provide single-point contact to customers and deliver products anywhere in the world. As long as we keep moving, we will retain our lead. The benefits that accrue to the company that is first into this very large market are very real. We have that opportunity. Our only risk is the risk of execution and that really rotates around our ability to scale our company up to a larger size to accommodate the growth opportunity that we are confronted with. We do this well. We have a strong history in this company that goes back to our industrial days of executing on a global scale. We are very focused on execution.