CONSOLIDATORS - Slowing, but Growing

BY ERIK CAGLE

When history compares the years 1998 and 2000 in regard to consolidation in the printing industry, two starkly contrasting results will be evident to the naked eye. There really is no comparison, as the degree of major consolidation has slacked off dramatically.

Perhaps it is more important to note that the state of the industry during 2000 was not all that dissimilar from 1998, at least not from close range. Hindsight may eventually offer greater perspective, but the fact of the matter is the economic condition alone did not cause M&A activity to take a back seat. Wall Street rubbed its chin and furrowed its brow after a while, which may have contributed to some public consolidation conglomerates to temper the degree of activity, but one notion is indisputable. Feast all you want, but sooner or later, you need to push away from the table for a little while.