Tuesday, March 7, 2023

Duking it Out in the Label Business – February 2023 M&A Activity


Packaging deals have eclipsed transactions in all other segments of the printing and related industries for the past three years. That shows no sign of letting up. The temporary dominance in transactions that involved box printing companies, as we noted in The Target Report last month, has reverted once again to the norm in which label printing companies are the preferred target. (See The Box is Back – January 2023). The consolidation of the label printing industry is being driven by a slew of private equity firms that have demonstrated a willingness to pay double-digit multiples for profitable label manufacturers of any decent size. The attributes of recurring revenue, customer stickiness due to required brand continuity, and relative de minimis component cost of labels within the scheme of total product cost, all make label printing highly attractive to financial buyers.

The Contenders

Resource Label Group is my choice as the poster child for the PE-backed label industry feeding frenzy. With backing from Ares Management, its third private equity firm sponsor, Resource Label acquired Riverside, California-based Majestic Labels, the digital label printing division of Majestic Printing Systems. Majestic is the 27th acquisition for the Resource Label Group, which began as a single location company in Tennessee in 1991. The company grew organically until 2005 when it entered the private equity ecosystem with financial backing from Lineage Capital. With only one acquisition under its belt, Lineage passed the torch to First Atlantic Capital in 2011. With the backing of First Atlantic, Resource went into hyper-growth mode and added 21 more companies over the next decade. Ares Management picked up Resource in 2021 and has continued to nurture the platform. (See Private Equity Fuel$ Consolidation of Label Industry – September 2021).

Another champion label consolidator, Brook + Whittle, is no slouch when it comes to rolling up the label industry. With backing from Genstar Capital, B+W acquired LLT Labels, a specialist in the manufacture of thermal transfer labels. Located in Stow, Ohio, the acquired company represents the 17th production facility for B+W. Based in Guilford, Connecticut, B+W, like Resource Label, is now backed by its third private equity firm. B+W entered the world of private equity in 2009 with an investment from RFE Investments, along with independent sponsor Charter Oak Equity. RFE and Charter Oak added several acquisitions, professionalized the company along the way, and sold B+W in 2017 to TruArc Partners (né Snow Phipps Group). TruArc Partners added several more companies to the platform, exiting in 2021 with the sale to Genstar Capital. Genstar has now added three more companies to the B+W roll-up, including the acquisition of Cenveo’s Custom Labels Group, a critical turn away from labels for Cenveo as it unwound itself. (See Cenveo Returns to its Roots – July 2022).

Fortis Solutions Group also has to be considered as a challenger in the championship ring. The Fortis network now spans the US from its original location and home base in Virginia Beach, Virginia, to Napa, California, Whitefish, Montana, Lewisville, Texas, and with the acquisition of Profecta labels last year in St-Hubert, Quebec, now up to Canada. Fortis is still with its secondary private equity sponsor. After an initial seven-year roll-up without PE-backing, the company teamed up with San Francisco-based Main Post Capital Partners in 2017. Main Post Capital Partners supercharged the next phase and Fortis acquired no less than eight additional companies in just under four years. In October 2021, Main Post Capital Partners announced that it had exited Fortis, selling its interest to Harvest Partners, a private equity fund based in New York. Harvest hit the road running and provided financial and strategic support for the six companies added to the Fortis platform in 2022. We expect it will not be long before another Fortis acquisition hits our deal log. (See Private Equity Feeds Industry Growth – December 2022).

Inovar Packaging, headquartered in Dallas, Texas, was founded in 1964 as a simple printer of one-color plain labels. It took twenty years for the company to transition to full four-color process printing. Six years later, in 2000, the company dipped its toe into the acquisition game in a merger with Label 1 and launched the Inovar brand for the combined entity. It took an investment by private equity to get the deal juices flowing at Inovar, with AES Investors stepping in as the new owners in 2016. We count no less than eight acquisitions under the sponsorship of AES Investors, culminating in the purchase of Dion Label Printing in 2021. As with the other contenders in the label slug fest, the private equity sponsor eventually needs to exit the investment and realize the value they have added via the acquisition and bolt-on conglomeration process. AES was no different and in 2022 Inovar was sold to Kelso & Company private equity firm. Kelso has a unique place in the universe of private equity funds; its founder Louis O. Kelso was also the inventor of the modern ESOP when he hit on the idea of a structuring a leveraged buyout with the use of retirement plan assets. (The first ESOP was closely related to our industry, the employee buyout of a newspaper publisher, but that’s a story for another day.) Under Kelso’s sponsorship, Inovar announced the acquisition of Cimarron Label in Sioux Falls, South Dakota. We will not be surprised if Kelso picks up the pace and Inovar is in the competitive matchup more often.

In the Mix

Other competitors with PE backing, but possibly not quite as aggressive as the three top contenders, are in various stages of their PE life cycle, each vying for position ringside at the label printing industry roll-up.

Established over 40 years ago, AWT was acquired by private equity firm Mason Wells in 2015, completed one acquisition, however during this time, AWT mostly stayed on the sidelines. Morgan Stanley Capital Partners stepped in and acquired AWT from Mason Wells in December 2020, subsequently adding three new bolt-on acquisitions during 2022.

All American Label & Packaging, a portfolio company of Heartwood Partners, acquired Lotus Labels located in Brea, California. Heartwood came into the competition last March when it merged All American with Western Shield Label & Packaging, itself a serial acquirer of label companies.

I.D. Images has been very active in the label printing business over the eleven years that we have been tracking transactions, with a significant increase in deal frequency since picking up financial support from Sole Source Capital in 2021. Starting with simple blank thermal label stock, I.D. Images expanded its capabilities via acquisitions to include a wide range of label products. With a commitment to sell exclusively through distributors, I.D. Images has a clear advantage when a trade label printer is on the market but has stayed out of the fray for the companies that sell direct.

There are others in the competitive mix for label printing companies, such as Premium Label & Packaging, which was formed with financial support from Dunes Point Capital, and which has acquired at least four label businesses. ProAmpac, now a portfolio company of Pritzker Partners, occasionally acquires some label business as a component of an acquisition in its core focus area of flexible packaging and bag manufacturing.

On the Sidelines

Multi-Color Corporation has historically focused on larger deals, including its 2017 acquisition of Constantia Labels based in Vienna, Austria with a reported revenue of $690 million at the time. Since the merger with Fort Dearborn in 2021, Multi-Color has been mostly on the sidelines of the US label industry roll-up. With over 13,000 employees, operating 109 label manufacturing plants in over 26 countries, the company is on a larger scale. It simply takes more to move the needle at this size, such as the company’s December 2022 acquisition of Lux Global Label, which operates plants in Pennsylvania and Puerto Rico. (See Packaging Industry Consolidation in Every Direction – July 2021).

We would be remiss if we did not mention CCL Industries in this summary of the label business consolidators. CCL, the Canadian-based global packaging company, despite its size, has stayed out of the bidding wars that have characterized the prime label roll-up in the US. CCL has instead maintained a disciplined acquisition process seeking out unique niches within the larger label segment, including horticultural tags and labels, apparel labels, clinical trial labels and similar highly specialized corners of the market. While the market heated up, CCL managed to maintain an average purchase multiple of 6.1 times EBITDA over the past three years. (See CCL Industries Breaks the Rules – January 2022).
   
2023 February - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries

Deal Party #1
(Surviving Entity)		 Pre-Deal
Revenue
(US$Mil)

Party #1 Address

Deal Party #2		 Pre-Deal
Revenue
(US$Mil)

Party #2 Address		 Date
Deal
Public		 Deal
Value
(US$Mil)
Deal Structure
(Intermediary)

Notes		 Link
Welch Packaging Group No Data Elkhart, IN Nashville Box No Data Lebanon, TN 2/28/23 No Data Acquisition Corrugated boxes Link
Resource Label Group
(Port co. Ares Management)		 No Data Franklin, TN Majestic Labels No Data Riverside, CA 2/28/23 No Data Acquisition Label printing Link
Minuteman Press, Puyallup
(Existing franchisee)		 No Data Puyallup, WA Advantage Graphics No Data Sumner, WA 2/27/23 No Data Acquisition Printing & copying Link
Data Communications Management $118.7 Brampton, ON Moore Canada Corporation
(Sub. RR Donnelley)		 No Data Chicago, IL 2/22/23 No Data Acquisition Diversified print operations Link
Granite Creek Capital Partners No Data Chicago, IL CP Direct No Data Lanham, MD 2/16/23 No Data Acquisition Direct mail printing Link
All American Label & Packaging
(Port co. Heartwood Partners)		 No Data Dublin, CA Lotus Labels No Data Brea, CA 2/15/23 No Data Acquisition Label printing Link
Mill Rock Packaging
(Port co. Mill Rock Capital)		 No Data New York, NY Keystone Paper & Box No Data South Windsor, CT 2/13/23 No Data Acquisition Folding cartons Link
Larsen Packaging No Data St. Charles, IL Alpha Container No Data Marysville, OH 2/9/23 No Data Acquisition Corrugated boxes & displays Link
Anderson & Vreeland No Data Fairfield, NJ Flexographic Consumables
(Div. Grimco)		 No Data Fenton, MO 2/6/23 No Data Acquisition Flexographic supplies Link
WIP Ventures No Data Fairport, NY National Enquirer (+2 titles) No Data New York, NY 2/6/23 No Data Acquisition Tabloid newspaper Link
Sandy Alexander
(Port Co. Snow Peak Capital)		 No Data Clifton, NJ Abbott Communications Group No Data Orlando, FL 2/6/23 No Data Acquisition
(New Direction)		 Commercial printing Link
Brook + Whittle
(Port co. Genstar Capital)		 No Data Guilford, CT LLT Labels No Data Stow, OH 2/2/23 No Data Acquisition Label printing Link
Inovar Packaging Group
(Port co. Kelso & Company)		 No Data Dallas, TX Cimarron Label No Data Sioux Falls, SD 2/1/23 No Data Acquisition Label printing Link
SOL Capital Management No Data Vienna, Austria Polar Mohr
Adolf Mohr		 No Data Hofheim, Germany 2/1/23 No Data Acquisition Paper finishing equipment Link
PPC Flexible Packaging
(Port co GTCR)		 No Data Buffalo Grove, IL StePac No Data Tefen, Israel 2/1/23 No Data Acquisition Bag, pouches, lids & films Link
Tsuji Holdings No Data Reno, NV DynaGraphics No Data Reno, NV 2/1/23 No Data Acquisition
(Graphic Arts Advisors)		 Commercial printing Link

   
2023 February - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries



Filing Party
Date
Case
Filed		 Pre-Petition
Revenue
(US$Mil)


Case #


Filing Party Address


Circuit


Region & City


Judge


Attorney for Debtor


Notes
Chapter 11 Filings:
No Chapter 11 Filings Found this Month --- --- --- --- --- --- --- --- ---
Chapter 7 Filings:
Gray County Newspapers, LLC 2/7/23 No Data 23-50017 Pampa, TX 5th Northern TX
Lubbock		 Robert L. Jones Brad W. Odell Newspaper publishing


2023 February - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries



Closed Company / Facility
Date of Closure		 Pre-Closure
Revenue
(US$Mil)


Closing Address		 Related Party Related Party
Address		 Date Closure Public


Notes
Press
Releases
Quad/Graphics - Printing facilities 4/28/23 No Data Merced, CA Quad Graphics Sussex, WI  2/20/23 Retail inserts & magazine printing Link
Quality Forms 3/14/23 No Data Piqua, OH None N/A Feb-22 Direct mail forms printing Link
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Tuesday, February 7, 2023

The Box is Back – January 2023 M&A Activity

The simple box. We predicted it would happen. The market for box manufacturing has heated up and in the most recent month the purchase of box printing companies has outpaced the number of deals involving label printing companies for the first time in our eleven‑plus years of tracking and commenting on M&A activity in the printing, packaging and related industries. (See Label Roll-Ups are Red Hot; Are Folding Cartons Next? – March 2022).

The Rigid Box


The original fiber-based box, the rigid box, is also known as a set-up box. As the name suggests, in its simplest form, these boxes are formed by wrapping, tucking, and gluing paper around stiff cardboard to form a rigid container that is shipped set up and ready to pack. While it is difficult to pin down the exact origin of the rigid box, several sources point to a German company that in 1817 produced a box to package The Game of Besieging, an early war strategy board game. 

An alternate history credits the creation of the first commercial paperboard box to an English firm, M. Treverton & Son, curiously asserting that production began in the same year as the German claim, 1817. The rigid box prevailed as the dominant fiber-based box for almost a century. With the advent of more efficient methods of box production around 1900, the rigid box lost its place as the preferred volume utilitarian solution. The rigid box method is now most often used to package luxury and specialty items, highly decorated with foils, coated with gloss and soft-touch finishes, and formed into unique shapes.

The Corrugated Box

In 1856, tall top hats were the fashion rage for men. Two gentlemen in the hatter trade, Edward G. Healy and Edward E. Allen, resolved to find a material that would maintain the tall shape, yet was flexible to fit individual noggins. The solution they arrived at was to form paper into pleats, giving it a wavy shape for strength. They patented the invention in England, but never made the leap to using their invention to create a shipping box. American ingenuity was behind the next step forward in the form of a US patent filed in 1871 by Albert L. Lyons for “an improvement in paper for packing” which described the use of corrugated, crimped, or bossed forming of paper to create an effective cushion for the contents being packed. Three years later, a machine was made for producing large quantities of corrugated material and that same year another inventor, Oliver Long, added the liner sheet to the second side, trapping the corrugation in the middle, producing the corrugated material we know today. In 1895, the first corrugated box was manufactured in the US, quickly replacing the previously dominant wooden crates and boxes used to ship products.

The Folding Carton

In 1879, Scottish-born immigrant to America Robert Gair was working in his Brooklyn printing company on an order of small seed bags. As the story goes, the diemaker working for Gair did not set a creasing rule correctly, leaving the blade too high. The miscreant die cut through thousands of the seed packets before the error was noticed, and the lot was wasted. In this way, Gair discovered that he could cut and crease paper in one operation. While this seems obvious to us today, at the time the scoring was done on a press and the cutting was accomplished in a separate operation performed on a guillotine cutter. The entrepreneurial lightbulb was lit, and Gair applied his discovery to heavier paperboard. The result was an exponential increase in productivity. The new product was not only faster to produce, but critically could be glued and packed flat for shipping. Final erection and assembly of the box was completed at the factory where the product to be packaged was made and inserted into the box. Early converts to the new mass-produced foldable cartons included the Great Atlantic & Pacific Tea Company, Colgate, Ponds, and tobacco manufacturer P. Lorillard. In 1896, Gair landed an order for two million of his precut, pre-creased cardboard boxes for Uneeda Biscuits from Nabisco, known at the time as the National Biscuit Company. The folding carton rapidly replaced the traditional tin or wooden cracker boxes. Eventually further popularized by Kellogg’s for the sale of cereals to the masses, the folding carton had arrived. Gair went on to great success, eventually building seven large factories in the Dumbo section of Brooklyn, where his name survives even today on several converted factory facades.

Boxes of All Kinds

Italian packaging printing company Pusterla 1880 produces high-end packaging for luxury brands in the fragrance, cosmetics, wine & spirits, and gourmet food markets. With established factories in Italy, the UK, Moldova, and Tunisia, the company has entered the US market with the simultaneous purchase of two premium manufacturers of rigid box packaging. Pusterla announced the acquisition of Taylor Box Company in Warren, Rhode Island, and Burt Rigid Box in Oneonta, New York.

SupremeX, the publicly traded Canadian company with its roots in the envelope manufacturing business, has further extended its reach into the box business with the acquisition of Impression Paragraph, a folding carton printing and manufacturing company with two facilities in Quebec. In addition to the folding carton business, the acquired company also produces retail point-of-sale displays for the cosmetic, pharmaceutical, and food confectionary markets. The acquisition marks Supremex’s fifth move into the folding carton business, following the 2021 acquisition of Vista Graphic Communications in Indianapolis, Indiana,* both acquisitions examples of the company’s laser-focused execution of its strategic diversification plan to acquire packaging companies and supplement its legacy core envelope business. Supremex is not ignoring the envelope business, however, and recently also acquired the business of Royal Envelope with two manufacturing facilities in the greater Chicago area, focusing primarily on higher-end, highly decorated envelopes for the direct mail market.

Oliver Packaging has purchased its first company under the new sponsorship of Tenex Capital, acquiring Tap Packaging + Design. The acquired company produces folding cartons, and in a bit of a departure for Oliver from its core focus on folding cartons, adds rigid boxes and micro flute corrugated packaging to the mix. Tenex Capital purchased Oliver in July 2022 from Pfingsten Partners in what is known in PE circles as a secondary buyout. Purchased by Pfingsten in 2016, Oliver was privately held, owned, and managed in the Cleveland area by four generations of the Oliver family. Oliver Printing, as the company was previously known, had by that time successfully transitioned from its roots as purely a commercial printer to a company with its future focused on folding cartons, including structural design, printing, and finishing. As the first institutional owner of Oliver Printing, Pfingsten proceeded to rebrand the company and bolt on four acquisitions which have transformed Oliver into a national player in the folding carton segment. Those acquisitions included the venerable Disc Graphics on Long Island, New York, where the Oliver Packaging company is now headquartered.

GPA Global announced the acquisition of the Cosfibel Group, headquartered in Paris, France. The acquired company has factories in Spain and Belgium and specializes in serving prestigious high-end brands with rigid box sets, gift packs, secondary packaging and product presentations in the beauty, wine & spirits, gourmet foods, and high fashion markets. Consistent with GPA Global’s strategy of combining in-house manufacturing with outsourced specialty purchasing, Cosfibel touts its “make & trade” approach to fulfilling its customers’ packaging requirements. (See GPA Global Emerges as Packaging Consolidator – December 2021).

S. Walter Packaging Group, a portfolio company of Larsen MacColl Partners since 2014, acquired Pulver Packaging, a manufacturer of folding cartons in Elk Grove, Illinois. Pulver brings design, sourcing, printing, fabrication, enhancement, warehousing, and inventory management to its new parent. The S. Walter Packaging Group includes a specialty division, Bags & Bows, which serves the retail market with bags, stock size boxes, tissue paper, gift wrap, and as the name suggests, ribbons and bows. Another division, LPI, originally named Letterhead Press, provides highly specialized finishing services including stamping of holographic images, foil stamping, embossing, UV coatings, and production of rigid boxes.

Welch Packaging Group, the roll-up that has focused exclusively on corrugated products, is back in acquisition mode after a two-and-a-half-year pause in M&A activity. Welch just announced the purchase of Knoxville Box and Container, in Knoxville, Tennessee. The acquired company’s product line, corrugated cartons, is consistent with every company that Welch has acquired in the 37 years since the owner established the company with only four employees and rudimentary box-making equipment. With this latest acquisition, Welch Packaging now serves the Midwest and South-Central market from over a dozen manufacturing locations and three distribution centers with over 1,200 employees. (See Catching the Wave in Corrugated Cartons – February 2020).

* Graphic Arts Advisors, publisher of The Target Report, served as exclusive advisors to Vista Graphic Communications in this transaction.
   
2023 January - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries

Deal Party #1
(Surviving Entity)		 Pre-Deal
Revenue
(US$Mil)

Party #1 Address

Deal Party #2		 Pre-Deal
Revenue
(US$Mil)

Party #2 Address		 Date
Deal
Public		 Deal
Value
(US$Mil)
Deal Structure
(Intermediary)

Notes		 Link
Capital Region Independent Media No Data Clifton Park, NY The Columbia Paper No Data Ghent, NY 1/30/23 No Data Acquisition Community newspaper Link
Welch Packaging Group No Data Elkhart, IN Knoxville Box & Container No Data Knoxville, TN 1/25/23 No Data Acquisition Corrugated boxes Link
Summit Plastics
(Port. Co LongueVue Capital)		 No Data Summit, MS Fredman Bag Company No Data Milwaukee, WI 1/25/23 No Data Acquisition Flexible packaging & bags Link
Minuteman Press, Denver
(Existing franchisee)		 No Data Denver, CO A Great American Print Shop No Data Denver, CO 1/23/23 No Data Acquisition Printing & copying Link
Avery Dennison $9,200 Glendale, CA Thermopatch $40.0  Syracuse, NY 1/22/23 No Data Acquisition Labels for textiles Link
Mimeo No Data Memphis, TN Motif Photos
(Div. RR Donnelley)		 No Data Chicago, IL 1/19/23 No Data Acquisition Photo printing Link
Oliver Printing & Packaging
(Port co. Tenex Capital)		 No Data Hauppauge, NY Tap Packaging + Design No Data Cleveland, OH 1/19/23 No Data Acquisition Folding cartons & rigid boxes Link
SupremeX $195.3 Lasalle, QC Impression Paragraph $38.6 Saint-Laurent, QC 1/16/23 $26.6 Acquisition Folding cartons & retail display Link
Modern Litho $50.6 Jefferson City, MO Scotts Printing No Data Rolla, MO 1/12/23 No Data Acquisition Commercial printing Link
Minuteman Press, Lebanon
(New franchisee)		 No Data  Lebanon, OH Minuteman Press, Lebanon $1.3 Lebanon, OH 1/12/23 No Data Acquisition Printing & copying Link
GPA Global
(Port co. Ontario Teacher's Pension Fund)		 No Data New York, NY Cosfibel Group No Data Paris, France 1/10/23 No Data Acquisition Folding cartons & rigid boxes Link
Pusterla 1880 No Data Venegono Inferiore, 
Italy		 Burt Rigid Box No Data Oneonta, NY 1/9/23 No Data Merger Rigid boxes Link
Pusterla 1880 No Data Venegono Inferiore, 
Italy		 Taylor Box No Data Warren, RI 1/9/23 No Data Acquisition Rigid boxes Link
CJK Group $631.0 Brainerd, MN Allen Press No Data Lawrence, KS 1/9/23 No Data Acquisition Publication printing Link
Navitor FolderWorks
(Div. Taylor Corporation)		 No Data North Mankato, MN Epoly Corporation No Data Naples, FL 1/6/23 No Data Acquisition Presentation folders Link
Taylor Corporation No Data North Mankato, MN Acrylic Design Associates No Data Minneapolis, MN 1/6/23 No Data Acquisition Retail displays Link
Taylor Corporation No Data North Mankato, MN Legacy3 Print Media No Data Garland, TX 1/6/23 No Data Acquisition Bindery & finishing services Link
Polymer Packaging No Data North Canton, OH William-Allen Company No Data North Canton, OH 1/5/23 No Data Acquisition Bags & packaging films Link
DocketManager No Data London, ON Printers Software No Data Sarasota, FL 1/5/23 No Data Acquisition Print MIS software Link
Moore No Data Tulsa, OK Merkle RMG
(Div. Merkle)		 No Data Hagerstown, MD 1/4/23 No Data Acquisition Direct mail Link
Block Communications No Data Toledo, OH Pittsburgh City Paper
(Prop. Eagle Media)		 No Data Butler, PA 1/4/23 No Data Acquisition Community newspaper Link
Mittera $555.4 Des Moines, IA Geographics No Data Atlanta, GA 1/3/23 No Data Acquisition Commercial printing Link
Hisco No Data  Houston, TX Alliance Graphics and Printing $24.0 Houston, TX 1/3/23 No Data Acquisition Commercial printing Link
S. Walter Packaging Group
(Port co Larsen MacColl Partners)		 No Data  Trevose, PA  Pulver Packaging No Data Elk Grove, IL 1/3/23 No Data Acquisition Folding Cartons Link


2023 January - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries



Filing Party
Date
Case
Filed		 Pre-Petition
Revenue
(US$Mil)


Case #


Filing Party Address


Circuit


Region & City


Judge


Attorney for Debtor


Notes
Chapter 11 Filings:
No Chapter 11 Filings Found this Month --- --- --- --- --- --- --- --- ---
Chapter 7 Filings:
No Chapter 7 Filings Found this Month --- --- --- --- --- --- --- --- ---

      
2023 January - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries



Closed Company / Facility
Date of Closure		 Pre-Closure
Revenue
(US$Mil)


Closing Address		 Related Party Related Party
Address		 Date Closure Public


Notes
Press
Releases
Metroland Media Group - Printing facility TBD No Data Toronto, ON Metroland Media Group Mississauga, ON 1/30/23 Outsourcing printing to TC Transcontinental Link
H&H Imaging 1/26/23 No Data San Francisco, CA None N/A 1/16/23 Commercial printing Link
LSC Communications - (2) Printing facilities 3/31/23 No Data Lancaster, PA LSC Communications Warrenville, IL 1/9/23 Catalog & publication printing Link
Gannett - Printing facility Apr-23 No Data Greece, NY Gannett McLean, VA 1/4/23 Consolidating print to other plants Link
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