INDUSTRY CONSOLIDATORS -- Economy Ends M&A Frenzy

Reilly: The current condition gives us some more time to do that (integrate previously acquired companies). Much of the focus of Mail-Well in the past six months has been to work on integrating these companies and to improve our capabilities to compete as one.

Davis: One of our strengths is that we don't change the companies. We buy good companies; we like to keep the management in place and we attempt to improve those companies. We don't make wholesale integration changes to the companies we acquire. That is one of the reasons for our success. We certainly make available to our companies our economies of scale, our management development program and we recruit at the college campus level.