Expected Fallout From Quad, Worldcolor Deal —Michelson

Worth watching, as well, will be how Quad/Graphics runs its business after going public. Since its founding by visionary Harry Quadracci, followed by stewardship under brother Tom after his death, and now son Joel, Quad/Graphics always set the industry bar for its commitment to long-term investments, both in terms of capital equipment and staff development. Once Quad goes public, it will come under the scrutiny of Wall Street, and hence a much greater pressure to achieve short-term results. For example, I doubt that the Quad culture of unique employee perks like on-site day care centers, doctor offices and exercise facilities will be sustainable. Let alone the ability to instill in remaining Worldcolor plants the same sense of camaraderie and equality between managers 
and rank-and-file workers that the late Harry Quadracci had so fervently evangelized.

Mark T. Michelson