Mergers and acquisitions activity in the aerospace and defense industry reached a record $43.7 billion in 2011, edging out the previous high from 2007 as consolidation in the commercial supply chain gained steam and underperforming defense units were spun off. A PwC study scheduled for release Feb. 7 tallied 341 acquisitions, mergers or spin-offs worth $50 million or more announced during the year. The list (see chart p. 4) was topped by United Technologies Corp.’s landmark agreement ...

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