The mighty consolidation wave that swept over the aerospace and defense industry after then-Deputy U.S. Defense Secretary William Perry’s “Last Supper” in 1993 is taking another turn. The next inflection in the restructuring story is the proposed merger of United Technologies Corp. (UTC) and Raytheon to form what would be the third-largest global aerospace company by revenue, Raytheon Technologies. It is a stunning deal, marking a sharp change in our outlook on the markets ...

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