Ahead of the Curve

And there should soon be more good business to go around. Van de Water believes once interest rates come down and tax relief is acted upon, converters should be able to generate working capital that could help build a roadway out of the current slowdown.

"Converters who have done a good job of keeping themselves unleveraged will weather the current economy better," advises Ben Markens, president of consulting firm Converter's Resource. In addition, carton converters will need to get more savvy at securing previously contracted business.