Conventional wisdom at this year’s Farnborough air show is that the commercial side of the aerospace industry is just gaining steam for a sustained upturn. But Clay Jones is not so sure. The chairman and CEO of avionics supplier Rockwell Collins acknowledges that order books at Boeing and Airbus are huge, and growing. But he worries that economic jitters in the U.S. and Europe and slowing growth in Asia could combine to wallop other segments of the industry, such as business jets, ...

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