William L. Davis - Donnelley's Number-one Son

Cautious Consolidation
Unlike the industry's other now-famous Davis, R.R. Donnelley's chief is in no hurry to purchase other printers. Consolidation may be natural for a mature industry, but not for R.R. Donnelley & Sons. Not yet, anyway.

"You have to look at the printing industry overall," Davis explains. "Our industry does not earn the cost of capital. From that standpoint today, this is not a terribly attractive industry in which to invest. And an acquisition that we would make would obviously have to provide a clear path toward a strong return for our shareholders."