The aborted merger of EADS and BAE Systems last year reignited talks about a long-awaited wave of consolidation among prime aerospace and defense (A&D) contractors. After all, Europe still has four major shipbuilders, four missile manufacturers and three combat aircraft primes, while the larger U.S. defense market has essentially two players in each of those categories. The speculations were underpinned by a basic but deeply erroneous assumption: “Bigger is better.” In Europe, the ...


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