With United Technologies Corp. buying Rockwell Collins, Northrop Grumman acquiring Orbital ATK, and Boeing taking over Aurora Flight Sciences, observers could be forgiven in assuming that another wave of consolidation is hitting the A&D industry. And, it is, if you know where to look next. Some indicators point to certain sectors, such as space or the aftermarket, or to targets of a specific size, as in midtier or smaller. Others spotlight certain buyers, namely large-cap U.S. and ...

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