YEAR IN REVIEW - Is M&A Now DOA?

Buoyed by a new contract to print National Geographic, Pewaukee, WI-based Quad/Graphics unveiled a two-year, $600 million expansion program. It included a $70 million investment to acquire seven major new pieces of press and finishing equipment.

The news was not all good. Master Graphics and its wholly owned subsidiary, Premier Graphics, filed Chapter 11 bankruptcy to restructure the company’s $205 million debt. By year’s end, the company announced its plan to exit Chapter 11, based around maintaining 11 core facilities. The remaining companies under the Master Graphics umbrella will be sold or divested.