Bellevue, WA

ROSELLE, NJ—While it's nothing like the mad rush of M&A activity the industry saw two years ago, there has been a cautious spate of mergers and acquisitions in the graphic arts sector in recent weeks. Perhaps the most unusual announcement came from Bellevue, WA, where business-to-business Internet company ImageX.com acquired Howard Press, a $30 million privately-held printing company based here, for $1.4 million in restricted stock and $12.6 million in cash, plus $5 million in debt refinancing. This is the fifth acquisition by ImageX in the last 15 months, and a rare example of a "dotcom" company buying a "bricks-and-mortar" operation. Howard Press becomes a wholly