“In general, we find a very limited propensity for expansion and replacement investments. Many publishing companies that are in a situation were they would need to invest in a larger scale in production equipment or IT look for possibilities to avoid these investments. At Schickler, we currently experience a wave of projects with the goal of building cooperations between publishers or a centralised service. Pure replacement investments are executed in cases where they amortise by a higher efficiency in a relative short timeframe. If this amortisation is not given, publishers join forces with their neighbours. Teil share capacities and are able to push the investment to a later point in time. Nobody wants to invest in a capacity today that he knows will be far too big in 10 years. The preferred option is to aid one another.”