When the Soviet Union went out of business in 1991, many defense-industry executives feared their companies might suffer the same fate. What followed was the biggest fire sale in the history of the defense sector, as some companies sought to exit the business before valuations collapsed while others competed to snap up franchises with a future. Two dozen medium-size defense contractors necked down to a mere six behemoths, but each participant in sector consolidation had its own, unique approach to the process. I have written a commentary on how the ten biggest Pentagon contractors dealt with the post-Cold War downturn for Forbes, which you can read here.
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