During the 1990s, the end of the Cold War and a resulting downturn in Pentagon spending triggered an unprecedented wave of consolidation in the aerospace and defense (A&D) industry. By the time the dust settled a decade or so later, the number of A&D primes had shrunk to 12 from 30. Names such as McDonnell Douglas, AlliedSignal, Hughes Aircraft, United Defense and TRW vanished altogether. Now that a new downturn in defense spending is under way in the U.S. and Europe, the ...

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