In a statement last month, the company revealed that its board of directors had "initiated a formal process to explore a range of strategic alternatives to enhance shareholder value, including a potential sale". The day after the announcement, shares in Consolidated reached a 52-week high.

The company stressed that it should not be presumed that the outcome of the process, which will not be disclosed until a conclusion has been reached, would include any change of control or altering of the company's strategy.

Consolidated Graphics comprises more than 70 print operations in 26 states and employs more than 5,000 staff. Its 2005 turnover was 437m ($779m), up 10% on the previous year. Over the course of the same year, it recorded pre-tax profits of 29m.

In its third quarter results, which were released earlier this year, the firm reported sales totalling 127m, up 10m on the same period in the previous year. The company posted a less pronounced rise in its pre-tax profits, which were up 500,000 from 8.4m in Q3 2005, to 8.9m in Q3 2006.

The US firm has a long history of acquisitions and this year it has already completed the purchases of Nies/Artcraft Printing, Valcour Printingand Impression Label, all based in Missouri.

As PrintWeek went to press, Consolidated Graphics was in the process of publishing its fourth quarter and 2006 full-year results, which were due for release on 3 May.

2005 year end report
Turnover 437m
Pre-tax profits 29m
Locations 70
Total presses 414
Sheetfed 312
Digital 67
Web 35
Employees 5,000