Publicly Held Printers Caught in Stormy Seas —Michelson

CONVENTIONAL INDUSTRY wisdom seemed to favor large, publicly traded commercial printing enterprises. They operated with lower cost structures than their often smaller, privately held competitors, in part due to their ability to negotiate better prices for consumables like paper and ink, along with company healthcare and operating insurance premiums. They maintained deep pockets to fund continuous capital improvement expenditures for the most automated machinery and workflow platforms available, enabling higher job productivity and better employee utilization company-wide. They leveraged their ability to cross-sell products and services to a diverse customer base within a bevy of markets. They attracted the best talent; people sought them out for the generous salary/benefits, greater opportunity for advancement and sense of job security that came with working for the pride of the printing industry.