Consolidation--The Juggernaut Hits the Wall

All this talk of public companies and stock valuations may seem too narrow to some; after all, several of the major acquisition companies in the graphic arts business are privately held. Kelmscott, for one, "has not slowed its growth," according to Jensen. "We are amply funded and our earnings performance is quite good. Nevertheless, some other companies have slowed their growth. We believe it has to do with their inability to acquire capital or debt, depending on earnings performance or lack of bank confidence."