Target Report 2015 Forecast - The Evolution of Printing & Packaging

The Darwinian process of growth, change, merger, and failure proceeded with full vigor during 2014. The 241 transactions announced during 2014 in the printing, packaging, and related industries in the US and Canada represent a 40% increase compared to the 172 transactions that we noted during all of 2013. The vibrancy of the market is consistent with the M&A activity noted across many industries over the past year. 

Bankruptcy filings fell once again in 2014, with 20% fewer filed than during 2013 (43 versus 54). The companies that did file bankruptcy were in general smaller and had less impact than in past years. Tellingly, in 2014 there were three months in which we could not find any Chapter 7 liquidations and four months without any filings for Chapter 11 reorganization. Similar to the trend in M&A transactions in 2014, the printing and related industries were in synch with overall reduction in bankruptcy filings.