M&A REPORT -- New Era of Consolidation

Quebecor World, once it has completed the debt pay down/restructuring phase stemming from its 1999 merger, will be an active participant in the second half of 2002, he adds. Feinstein expects larger transactions by both companies.

Harris DeWese, chairman of Compass Capital Partners, which offers M&A advisory services to the commercial printing industry, sees printers that have experienced a "plateauing" of sales that are seeking to "grow externally by absorbing smaller, weaker competitors."