TORONTO -- Celestica's chief executive indicated the fourth-largest EMS company could potentially use some of its more than $1 billion in cash to buy other companies during the downturn.

Craig Muhlhauser said the company is looking at acquisition opportunities, although he declined to elaborate. "It's too soon to really say what we might do, but obviously that's on the table now," he told Reuters. 

Muhlhauser also said there is significant potential in the smartphone market, Reuters is reporting. 

Celestica, which reported its first-quarter financials today, had more than $1.1 billion in cash on hand at the close of the quarter.

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