Northern Exposure

PI: There has been some significant industry consolidation recently in North America, e.g., RR Donnelley buying Banta, Perry Judd’s and Von Hoffmann; Cenveo acquiring Cadmus. Do you see this industry consolidation trend continuing?

DESJARDINS: Yes, I do. The North American printing industry is still relatively unconsolidated. In 2005, Research and Markets reported that the largest 50 companies held only about 30 percent of the market. Consolidation is a natural maturing process of any industry, and I see it continuing in ours for the foreseeable future.