R.R. Donnelley--Calling the Shots
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Pyzdrowski: "Donnelley has disposed of non-core businesses we had acquired in the past. You could say we have gone through a 'de-merger' stage—consolidating to our core of putting ink on paper.
"Every acquisition opportunity in the industry crosses our desk. We've taken a pass on most of them because we just don't see value in it for our customers and shareholders. Other companies try to make the case that consolidation means more efficiency, improved synergies and heightened productivity. That's fine for them, but what's in it for their customers? Printing is a manufacturing business.
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