EDITOR'S notebook
Merger and acquisition activity proves that our industry still holds high value. Some might argue that recent consolidation is strictly the result of a shrinking industry. Moore couples with Wallace, only to be merged into Donnelley. FedEx pays $2.4 billion in cash for Kinko's and its approximately 1,200 franchise stores. These blockbuster financial deals wouldn't have been possible without the blessing of shareholders, Wall Street and the investment banking community. And yes, there will be fewer printing establishments in the months and years ahead, but don't forget that our consolidation is no different than what's happening in virtually every manufacturing sector. Companies that survive the shakeout will be healthier in the end, and will be able to maintain stronger pricing power.
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