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Nevertheless, Hakman knew financial troubles were brewing for a while.
Well before recent months, he noticed the overall market was changing, as a result of companies outsourcing overseas. “The North American label market got hurt over the past five-plus years with the transition of manufacturing over to China and other overseas markets. I have been reading that this exodus has started to reverse itself when oil hit its highs last summer and long-term, I see some additional manufacturing coming back to North America. Additional consolidations and reductions in capacity are needed to stabilize the market for labels, and I believe this current downturn will result in that happening,” he surmised.
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- People:
- Hakman
- Mike Vejar
- Steve Porter
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Elise Hacking Carr
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Elise Hacking Carr is senior production editor for Print & Promo Marketing magazine, and managing editor for PRINTING United Journal.
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