STATE OF THE INDUSTRY ON THE OFFENSIVE

Consolidation within the industry is on an upward swing. For those involved in such transactions, Gaffey warns, "the only drawback may be the slowing of [the converter's] ability to react to market trends."

That drawback may be the key element to smaller converters' success strategies. "Small converters especially need to emphasize their agility and responsiveness to meet changing customer needs, and when they develop new opportunities, they need to guard them with proprietary processes and close customer relationships," Keith recommends.