Top 30 Book Manufacturers — The Plot Thickens

GREGOIRE: There is a lot of capacity in the market. I don't think the fact that Donnelley acquired [Perry Judd's, Banta and Von Hoffmann] will remove that much capacity from the market. Some of the large publishers will probably be wary of having too many of their eggs in one basket, so I believe there will be some movement, which is good for some of the printers. But, no, I don't think the publishers will suffer [from consolidation] too much, because there was already quite a bit of capacity available out there.