Mergers and acquisitions have an interesting side effect: They often bring to the surface things that otherwise would remain hidden or unnoticed. The recently announced merger of Harris Corp. and Exelis is a case in point. Beyond the usual M&A lingo (“transformational,” “powerful combination,” “growth platform,” “scale,” etc.), this transaction brings back to light some fundamental truths about the U.S. defense sector that otherwise tend to be forgotten.
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