LIVINGSTON, NJ, - The commercial printing industry continued to realize steady growth last year with real shipments rising almost 5% to an estimated record of $76.78 billion, according to CIT Equipment Financing's 11th Annual Commercial Printing Outlook. The Outlook predicts that current year real shipments will expand at a 3.7% annual rate. Next year, growth is expected to slow to 2.6%, a full percentage point slower than the expected pace of the economy, before a rising slightly to 3% in 2002. The printing industry's lackluster growth during the 1990s is due, in part, to the decline of print advertising. CIT's Outlook identifies the relative inexpensive cost of the internet and electronic media as causing a shift in the delivery of previously printed products, such as technical manuals and newsletters, now being delivered over electronic media. The Outlook confirms anecdotal data concerning industry consolidation, citing the 1997 Economic Census which shows that the number of printing establishments fell from 37,479 in 1992 to 35,188 in 1997. According to the Outlook, this decline was concentrated solely among smaller establishments, those with less than 20 employees. Michael R. Paslawskyj, Vice President, CIT Economic Research adds, "Many printers do not have the critical mass to stay competitive. Mergers are a viable strategy to solving operational challenges, as they offer the opportunity to grow faster, allowing for better utilization of equipment, increasing technical capabilities, and enabling penetration of new geographic or product areas." While real domestic purchases of printing equipment grew an estimated 2.9% last year, imports remain a very large component, 57% of the domestic equipment markets. The CIT Outlook predicts that imports will continue to grow, reaching $2.475 billion, more than 58% of the market in 2002. Necessity is the major factor driving imports, as some types of printing equipment are not manufactured in the United States. Germany commanded the largest portion of U.S. imports with a 38.8% share last year, followed by Japan with a 17% share. On the other side, exports fell last year due to the strong dollar. Canada continues to be the largest foreign consumer of printing equipment, accounting for 18.7% of the total. CIT Equipment Financing is an operating group of The CIT Group, Inc. (NYSE: CIT; TSE: CIT.U) offering secured direct loans, leases, sale and leasebacks, vendor financing for manufacturers, wholesale and retail financing for dealers/distributors, portfolio acquisition, participation agreements, and discounting through a nationwide network of field representatives and specialized service groups. Founded in 1908 and with over $54 billion in managed assets, The CIT Group, Inc. is the largest publicly owned commercial finance company in the world. CIT was named one of Fortune magazine's "Most Admired Companies in America" in February 2000. InformationWEEK magazine ranks CIT #2 in its annual survey of top 500 companies using innovation in IT. For more information, visit the company's website at: www.cit.com.