Aerospace manufacturer

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An Airbus A321 on final assembly line 3 in the Airbus plant at Hamburg Finkenwerder Airport A321 final assembly (9351765668).jpg
An Airbus A321 on final assembly line 3 in the Airbus plant at Hamburg Finkenwerder Airport
NASA's AIM (Aeronomy of Ice in the Mesosphere) satellite, assembled in clean room AIM in clean room.jpg
NASA's AIM (Aeronomy of Ice in the Mesosphere) satellite, assembled in clean room

An aerospace manufacturer is a company or individual involved in the various aspects of designing, building, testing, selling, and maintaining aircraft, aircraft parts, missiles, rockets, or spacecraft. Aerospace is a high technology industry.

Contents

The aircraft industry is the industry supporting aviation by building aircraft and manufacturing aircraft parts for their maintenance. This includes aircraft and parts used for civil aviation and military aviation. Most production is done pursuant to type certificates and Defense Standards issued by a government body. This term has been largely subsumed by the more encompassing term: "aerospace industry".

Market

In 2015 the aircraft production was worth US$180.3 Billion: 61% airliners, 14% business and general aviation, 12% military aircraft, 10% military rotary wing and 3% civil rotary wing; while their MRO was worth $135.1 Bn or $315.4 Bn combined. [1]

The global aerospace industry was worth $838.5 billion in 2017: aircraft & engine OEMs represented 28% ($235 Bn), civil & military MRO & upgrades 27% ($226 Bn), aircraft systems & component manufacturing 26% ($218 Bn), satellites & space 7% ($59 Bn), missiles & UAVs 5% ($42 Bn) and other activity, including flight simulators, defense electronics, public research accounted for 7% ($59 Bn). [2] The countries with the largest industry were led by the United States with $408.4 Bn (49%), followed by France with $69 Bn (8.2%), then China with $61.2 Bn (7.3%), the United Kingdom with $48.8 Bn (5.8%), Germany with $46.2 Bn (5.5%), Russia with $27.1 Bn (3.2%), Canada with $24 Bn (2.9%), Japan with $21 Bn (2.5%), Spain with $14 Bn (1.7%) and India with $11Bn (1.3%). The top 10 countries represent $731 Bn or 87.2% of the whole industry. [2]

In 2018, the new commercial aircraft value is projected for $270.4 billion while business aircraft will amount for $18 billion and civil helicopters for $4 billion. [3]

Largest aerospace companies

By Revenue ($ billion)
Company2022 [4] 2019 [5] 2018 [6] 2017 [7] 2016 [8] 2015 [9] 2014 [10] Country
RTX Corporation 67.1Flag of the United States.svg  United States
Boeing [lower-alpha 1] 66.676.6101.093.494.696.190.8Flag of the United States.svg  United States
Lockheed Martin 66.059.853.851.047.240.545.6Flag of the United States.svg  United States
Airbus [lower-alpha 1] 61.878.975.172.370.868.880.6Flag of France.svg  France Flag of Germany.svg  Germany Flag of Spain.svg  Spain
Northrop Grumman 36.633.830.125.824.523.524.0Flag of the United States.svg  United States
Rostec 30.0Flag of Russia.svg  Russia
BAE Systems 27.022.812.813.413.413.913.7Flag of the United Kingdom.svg  United Kingdom
GE Aerospace 26.130.627.426.324.724.0Flag of the United States.svg  United States
Safran 20.025.217.916.816.618.3Flag of France.svg  France
Rolls-Royce Holdings 17.215.012.712.013.214.7Flag of the United Kingdom.svg  United Kingdom
L3Harris 17.1Flag of the United States.svg  United States
Leonardo (Finmeccanica)15.514.412.512.813.917.2Flag of Italy.svg  Italy
United Technologies [lower-alpha 2] 46.936.030.929.033.136.2Flag of the United States.svg  United States
Raytheon Company [lower-alpha 2] 27.125.324.123.222.8Flag of the United States.svg  United States
By Operating profit ($ billion)
Company2022 [4] 2019 [5] 2018 [6] 2017 [7] 2016 [8] 2015 [9] 2014 [10] Country
Lockheed Martin 8.358.557.335.905.554.715.59Flag of the United States.svg  United States
Airbus [lower-alpha 1] 5.601.55.953.702.404.344.50Flag of France.svg  France Flag of Germany.svg  Germany Flag of Spain.svg  Spain
RTX Corporation 5.41Flag of the United States.svg  United States
GE Aerospace 4.786.476.646.125.515.00Flag of the United States.svg  United States
Northrop Grumman 3.603.973.783.303.193.083.20Flag of the United States.svg  United States
Rostec 3.18Flag of Russia.svg  Russia
Safran 2.063.432.582.541.712.74Flag of France.svg  France
L3Harris 1.27Flag of the United States.svg  United States
Leonardo (Finmeccanica)0.870.590.901.050.940.72Flag of Italy.svg  Italy
Boeing [lower-alpha 1] -3.55-1.9812.0010.304.905.187.47Flag of the United States.svg  United States
BAE Systems ------Flag of the United Kingdom.svg  United Kingdom
Rolls-Royce Holdings 0.441.110.981.772.15Flag of the United Kingdom.svg  United Kingdom
United Technologies [lower-alpha 2] 5.773.573.833.843.004.57Flag of the United States.svg  United States
Raytheon Company [lower-alpha 2] 4.543.323.243.013.18Flag of the United States.svg  United States
  1. 1 2 3 4 In 2019, Airbus displaced Boeing as the largest aerospace company by revenue due to the Boeing 737 MAX groundings, with $2 billion operating losses down from $12 billion profits the previous year. [5]
  2. 1 2 3 4 United Technologies merged with the Raytheon Company in April 2020 to form Raytheon Technologies (RTX Corporation). [11]

Geography

In September 2018, PwC ranked aerospace manufacturing attractiveness: the most attractive country was the United States, with $240 billion in sales in 2017, due to the sheer size of the industry (#1) and educated workforce (#1), low geopolitical risk (#4, #1 is Japan), strong transportation infrastructure (#5, #1 is Hong Kong), a healthy economy (#10, #1 is China), but high costs (#7, #1 is Denmark) and average tax policy (#36, #1 is Qatar). Following were Canada, Singapore, Switzerland and United Kingdom. [12]

Within the US, the most attractive was Washington state, due to the best Industry (#1), leading Infrastructure (#4, New Jersey is #1) and Economy (#4, Texas is #1), good labor (#9, Massachusetts is #1), average tax policy (#17, Alaska is #1) but is costly (#33, Montana is #1). Washington is tied to Boeing Commercial Airplanes, earning $10.3 billion, is home to 1,400 aerospace-related businesses, and has the highest aerospace jobs concentration. Following are Texas, Georgia, Arizona and Colorado. [12]

In the US, the Department of Defense and NASA are the two biggest consumers of aerospace technology and products.[ citation needed ] The Bureau of Labor Statistics of the United States reported that the aerospace industry employed 444,000 wage and salary jobs in 2004, many of which were in Washington and California,[ citation needed ] this marked a steep decline from the peak years during the Reagan Administration when total employment exceeded 1,000,000 aerospace industry workers. [13]

During that period of recovery a special program to restore U.S. competitiveness across all U.S. industries, Project Socrates, contributed to employment growth as the U.S. aerospace industry captured 72 percent of world aerospace market. By 1999 U.S. share of the world market fell to 52 percent.

In the European Union, aerospace companies such as Airbus, Safran, BAE Systems, Thales, Dassault, Saab AB, Terma A/S, Patria Plc and Leonardo are participants in the global aerospace industry and research effort.

In Russia, large aerospace companies like Oboronprom and the United Aircraft Corporation (encompassing Mikoyan, Sukhoi, Ilyushin, Tupolev, Yakovlev, and Irkut, which includes Beriev) are among the major global players in this industry.

Cities

Important locations of the civil aerospace industry worldwide include Seattle, Wichita, Kansas, Dayton, Ohio and St. Louis in the United States (Boeing), Montreal and Toronto in Canada (Bombardier, Pratt & Whitney Canada), Toulouse and Bordeaux in France (Airbus, Dassault, ATR), Seville in Spain and Hamburg in Germany (Airbus, EADS), the North-West of England and Bristol in Britain (BAE Systems, Airbus and AgustaWestland), Komsomolsk-on-Amur and Irkutsk in Russia (Sukhoi, Beriev), Kyiv and Kharkiv in Ukraine (Antonov), Nagoya in Japan (Mitsubishi Heavy Industries Aerospace and Kawasaki Heavy Industries Aerospace), as well as São José dos Campos in Brazil where Embraer is based.[ citation needed ]

Consolidation

Several consolidations took place in the aerospace and defense industries over the last few decades.

BAE Systems is the successor company to numerous British aircraft manufacturers which merged throughout the second half of the 20th century. Many of these mergers followed the 1957 Defence White Paper.[ citation needed ]

Airbus prominently illustrated the European airliner manufacturing consolidation in the late 1960s. [14]

Between 1988 and 2010, more than 5,452 mergers and acquisitions with a total known-value of US$579 billion were announced worldwide. [15]

In 1993, then United States Secretary of Defense Les Aspin and his deputy William J. Perry held the "Last Supper" at the Pentagon with contractors executives who were told that there were twice as many military suppliers as he wanted to see: $55 billion in military–industry mergers took place from 1992 to 1997, leaving mainly Boeing, Lockheed Martin, Northrop Grumman and Raytheon. [16] Boeing bought McDonnell Douglas for US$13.3 billion in 1996. [17] Raytheon acquired Hughes Aircraft Company for $9.5 billion in 1997. [18]

Marconi Electronic Systems, a subsidiary of the General Electric Company plc, was acquired by British Aerospace for US$12.3 billion in 1999 merger, [19] to form BAE Systems.

In 2002, when Fairchild Dornier was bankrupt, Airbus, Boeing or Bombardier declined to take the 728JET/928JET large regional jet program as mainline and regional aircraft manufacturers were split and Airbus was digesting its ill-fated Fokker acquisition a decade earlier. [14]

On September 4, 2017, United Technologies acquired Rockwell Collins in cash and stock for $23 billion, $30 billion including Rockwell Collins' net debt, for $500+ million of synergies expected by year four. [20]

Major aerospace and defence deals 2012-2018
TargetBuyerClosedU.S. BnRef
Precision Castparts Berkshire Hathaway January 201637.2
Rockwell Collins United Technologies November 201830.0
Goodrich United Technologies July 201218.3
Orbital ATK Northrop Grumman June 20189.2 [21]
Sikorsky Lockheed Martin November 20159.0
B/E Aerospace Rockwell CollinsApril 20178.6
Alliant Techsystems' A&D GroupOrbital ATKFebruary 20155.0
Exelis Inc. Harris Corp. May 20154.75
Avio S.p.A. Aviation Business General Electric August 20134.3
Titanium Metals Corp Precision CastpartsDecember 20123.0
Firth Rixson Alcoa July 20152.85

The Oct. 16, 2017 announcement of the CSeries partnership between Airbus and Bombardier Aerospace could trigger a daisy chain of reactions towards a new order. Airbus gets a new, efficient model at the lower end of the narrowbody market which provides the bulk of airliner profits and can abandon the slow selling A319 while Bombardier benefits from the growth in this expanded market even if it holds a smaller residual stake. Boeing could forge a similar alliance with either Embraer with its E-jet E2 or Mitsubishi Heavy Industries and its MRJ. [22]

On 21 December, Boeing and Embraer confirmed to be discussing a potential combination with a transaction subject to Brazilian government regulators, the companies' boards and shareholders approvals. [23] The weight of Airbus and Boeing could help E2 and CSeries sales but the 100-150 seats market seems slow. [24] As the CSeries, renamed A220, and E-jet E2 are more capable than their predecessors, they moved closer to the lower end of the narrowbodies. In 2018, the four Western airframers combined into two within nine months as Boeing acquired 80% of Embraer's airliners for $3.8 billion on July 5. [14]

On April 3, 2020, Raytheon and United Technologies Corporation (except Otis Worldwide, leaving Rockwell Collins and engine maker Pratt and Whitney) merged to form Raytheon Technologies Corporation, with combined sales of $79 billion in 2019. [25]

The most prominent unions between 1995 and 2020 include those of Boeing and McDonnell Douglas; the French, German and Spanish parts of EADS; and United Technologies with Rockwell Collins then Raytheon, but many mergers projects did not went through: Textron-Bombardier, EADS-BAE Systems, Hawker Beechcraft-Superior Aviation, GE-Honeywell, BAE Systems-Boeing (or Lockheed Martin), Dassault-Aerospatiale, Safran-Thales, BAE Systems-Rolls-Royce or Lockheed Martin–Northrop Grumman. [26]

Suppliers

The largest aerospace suppliers are United Technologies with $28.2 Billion of revenue, followed by GE Aviation with $24.7 Billion, Safran with $22.5 Billion, Rolls-Royce Holdings with $16.9 Billion, Honeywell Aerospace with $15.2 Billion and Rockwell Collins including B/E Aerospace with $8.1 Billion. [27] Electric aircraft development could generate large changes for the aerospace suppliers. [28]

On 26 November 2018, United Technologies announced the completion of its Rockwell Collins acquisition, renaming systems supplier UTC Aerospace Systems as Collins Aerospace, for $23 billion of sales in 2017 and 70,000 employees, and $39.0 billion of sales in 2017 combined with engine manufacturer Pratt & Whitney. [29]

Supply chain

Before the 1980s/1990s, aircraft and aeroengine manufacturers were vertically integrated. Then Douglas aircraft outsourced large aerostructures and the Bombardier Global Express pioneered the "Tier 1" supply chain model inspired by automotive industry, with 10-12 risk-sharing limited partners funding around half of the development costs. The Embraer E-Jet followed in the late 1990s with fewer than 40 primary suppliers. Tier 1 suppliers were led by Honeywell, Safran, Goodrich Corporation and Hamilton Sundstrand. [30]

In the 2000s, Rolls-Royce reduced its supplier count after bringing in automotive supply chain executives. On the Airbus A380, less than 100 major suppliers outsource 60% of its value, even 80% on the A350. Boeing embraced an aggressive Tier 1 model for the 787 but with its difficulties began to question why it was earning lower margins than its suppliers while it seemed to take all the risk, ensuing its 2011 Partnering for Success initiative, as Airbus initiated its own Scope+ initiative for the A320. Tier 1 consolidation also affects engine manufacturers : GE Aerospace acquired Avio in 2013 and Rolls-Royce took control of ITP Aero. [30]

See also

Related Research Articles

Bombardier Aviation is a division of Bombardier Inc. It is headquartered in Dorval, Quebec, Canada. Its most popular aircraft included the Dash 8 Series 400, CRJ100/200/440, and CRJ700/900/1000 lines of regional airliners, and the newer CSeries. It also manufactured the Bombardier 415 amphibious water-bomber, and currently makes the Global Express and the Challenger lines of business jets.

<span class="mw-page-title-main">Aerospace</span> Term used to refer to the atmosphere and outer space

Aerospace is a term used to collectively refer to the atmosphere and outer space. Aerospace activity is very diverse, with a multitude of commercial, industrial, and military applications. Aerospace engineering consists of aeronautics and astronautics. Aerospace organizations research, design, manufacture, operate, or maintain both aircraft and spacecraft.

<span class="mw-page-title-main">Goodrich Corporation</span> Defunct American manufacturer

The Goodrich Corporation, formerly the B.F. Goodrich Company, was an American manufacturing company based in Charlotte, North Carolina. Founded in Akron, Ohio in 1870 as Goodrich, Tew & Co. by Dr. Benjamin Franklin Goodrich, the company name was changed to the "B.F. Goodrich Company" in 1880, to BFGoodrich in the 1980s, and to "Goodrich Corporation" in 2001. Originally a rubber manufacturing company known for automobile tires, the company diversified its manufacturing businesses throughout the twentieth century and sold off its tire business in 1986 to focus on its other businesses, such as aerospace and chemical manufacturing. The BFGoodrich brand name continues to be used by Michelin, who acquired the tire manufacturing business in 1988. Following the acquisition by United Technologies in 2012, Goodrich became a part of UTC Aerospace Systems.

SIA Engineering Company Limited is a Singaporean company specialising in aircraft maintenance, repair and overhaul (MRO) services in the Asia-Pacific. It is a wholly owned subsidiary of the Singapore Airlines Group (SIA), formed in 1992 with the separation of SIA's engineering division.

<span class="mw-page-title-main">Airbus A220</span> Narrow-body jet airliner family

The Airbus A220 is a family of five-abreast narrow-body airliners by Airbus Canada Limited Partnership (ACLP). It was originally developed by Bombardier and had two years in service as the Bombardier CSeries. The program was launched on 13 July 2008. The smaller A220-100 made its maiden flight on 16 September 2013, was awarded an initial type certificate by Transport Canada on 18 December 2015, and entered service on 15 July 2016 with launch operator Swiss Global Air Lines. The longer A220-300 first flew on 27 February 2015, received an initial type certificate on 11 July 2016, and entered service with airBaltic on 14 December 2016.

<span class="mw-page-title-main">Safran</span> French multinational aircraft engine, rocket engine, aerospace-component and defense company

Safran S.A. is a French multinational company that designs, develops and manufactures aircraft engines, spacecraft propulsion systems as well as various aerospace and defense-related equipment or their components. It was formed by a merger between SNECMA and the defense electronics specialist SAGEM in 2005. Safran's acquisition of Zodiac Aerospace in 2018 significantly expanded its aeronautical activities.

Collins Aerospace is an American technology company that is one of the world's largest suppliers of aerospace and defense products. Headquartered in Charlotte, North Carolina, it is a subsidiary of RTX Corporation.

<span class="mw-page-title-main">Spirit AeroSystems</span> American industrial company

Spirit AeroSystems Holdings, Inc., is an American aerostructure manufacturer. The company, based in Wichita, Kansas, builds several important pieces of Boeing aircraft, including the fuselage of the 737 and 787, as well as the flight deck section of the fuselage of nearly all of Boeing airliners. Spirit also produces parts for Airbus, including fuselage sections and front wing spars for the A350 and the wings for the A220. Spirit's main competition comes from Collins Aerospace, Kawasaki Heavy Industries, Leonardo, and Triumph Group.

Nadcap is a global cooperative accreditation program for aerospace engineering, defense and related industries.

<span class="mw-page-title-main">Regional jet</span> Small jet airliner

A regional jet (RJ) is a jet-powered regional airliner with fewer than 100 seats. The first one was the Sud-Aviation Caravelle in 1959, followed by the widespread Yakovlev Yak-40, Fokker F-28, and BAe 146. The 1990s saw the emergence of the most widespread Canadair Regional Jet and its Embraer Regional Jet counterpart, then the larger Embraer E-Jet and multiple competing projects. In the US, they are limited in size by scope clauses.

<span class="mw-page-title-main">Aircraft maintenance</span> Performance of tasks which maintain an aircrafts airworthiness

Aircraft maintenance is the performance of tasks required to ensure the continuing airworthiness of an aircraft or aircraft part, including overhaul, inspection, replacement, defect rectification, and the embodiment of modifications, compliance with airworthiness directives and repair.

<span class="mw-page-title-main">RUAG</span> Swiss company specializing in aerospace engineering and the defense industry

RUAG Holding is a Swiss company specialising in aerospace engineering and the defence industry. Its headquarters are located in Bern, while it also has numerous production sites in Switzerland, Germany, Sweden, Hungary, Austria and United States, and sales companies in Australia, UK, France, Belgium, Brazil and Malaysia.

<span class="mw-page-title-main">Aerospace industry in the United Kingdom</span> Overview of the aerospace industry in the United Kingdom

The aerospace industry of the United Kingdom is the second-largest national aerospace industry in the world and the largest in Europe by turnover, with a global market share of 17% in 2019. In 2020, the industry employed 116,000 people.

<span class="mw-page-title-main">B/E Aerospace</span> Manufacturer of aircraft passenger cabin interior products

B/E Aerospace, Inc. was a manufacturer of aircraft passenger cabin interior products for the commercial and business jet aircraft markets. B/E Aerospace had leading worldwide market shares in all of its major product lines and served virtually all of the world's airlines, aircraft manufacturers and leasing companies through its direct global sales and customer support organizations. Based in Wellington, Florida, the company was capitalized as a $4.2 billion corporation as of January 2016.

<span class="mw-page-title-main">CSeries dumping petition by Boeing</span>

On 28 April 2016, Bombardier Aerospace, a division of Bombardier Inc., recorded a firm order from Delta Air Lines for 75 CSeries CS100s plus 50 options. On 27 April 2017, The Boeing Company filed a petition for dumping them at $19.6m each, below their $33.2m production cost. On the same day, both Bombardier and the government of Canada rejected Boeing's claim, vowing to mount a "vigorous defence".

This is a list of aviation-related events in 2018.

Today's Airbus SE is the product of international consolidation in the European aerospace industry tracing way before the formation of the Airbus Industrie GIE consortium in 1970. In 2000, the European Aeronautic Defence and Space Company (EADS) NV was established through the merger of Aerospatiale-Matra of France and DASA from Germany, and that subsequently bought Construcciones Aeronauticas from Spain. In addition to other subsidiaries pertaining to security and space activities, EADS owned 100% of the pre-existing Eurocopter SA, established in 1992, as well as 80% of Airbus Industrie GIE. In 2001, Airbus Industrie GIE was reorganised as Airbus SAS, a simplified joint-stock company. In 2006, EADS acquired the remaining 20% shares of Airbus Industrie GIE from BAE Systems. EADS NV was renamed Airbus Group NV in 2014 and finally Airbus SE in 2015. Due to the commercial aircraft division's prominence within Airbus SE with it representing the largest part of the corporation's activities, Airbus S.A.S was published to be merged into the parent company in January 2017, but it was never done. Airbus SE remains therefore as the holding company for the commercial aircraft subsidiary Airbus SAS, while also being the parent company of the other two divisions Airbus Defence and Space and Airbus Helicopters.

This is a list of aviation-related events in 2019.

<span class="mw-page-title-main">History of Boeing</span> History of the aerospace and defense corporation

This is the history of American aerospace manufacturing company Boeing.

<span class="mw-page-title-main">RTX Corporation</span> American multinational aerospace and defense conglomerate

RTX Corporation, formerly Raytheon Technologies Corporation, is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia. It is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization, as well as one of the largest providers of intelligence services. In 2023, the company’s seat in Forbes Global 2000 was 79. RTX manufactures aircraft engines, avionics, aerostructures, cybersecurity solutions, guided missiles, air defense systems, satellites, and drones. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. government.

References

  1. ↑ Kevin Michaels (April 28, 2016). "MRO Industry Outlook" (PDF). ICF International.
  2. 1 2 Richard Aboulafia; Kevin Michaels (16 July 2018). "The Global Aerospace Industry Size & Country Rankings" (PDF). The Teal Group / AeroDynamic Advisory.
  3. ↑ Lee Ann Shay (Jan 2, 2018). "Commercial Spending Will Lead MRO Field In 2018". Aviation Week & Space Technology. Comparing civil, helicopter, business aviation and military MRO forecasts for 2018.
  4. 1 2 Murdo Morrison (18 August 2023). "Top 100 aerospace companies ranked by revenue 2022". FlightGlobal.
  5. 1 2 3 Murdo Morrison (15 September 2020). "Airbus displaces Boeing as aerospace's biggest company". FlightGlobal.
  6. 1 2 "Top 100 aerospace companies by revenue 2018" (PDF). Flight International. 3 Sep 2019.
  7. 1 2 "Top 100 aerospace companies by revenue 2017". Flight International. 3 Sep 2018.
  8. 1 2 "Top 100 aerospace companies grow more profitable". Flight International. 1 September 2017.
  9. 1 2 "Top 100 Special Report". Flight International. 13 September 2016.
  10. 1 2 "Top 100 Aerospace Companies" (PDF). Flight International. 15–21 September 2015.
  11. ↑ "United Technologies and Raytheon Complete Merger of Equals Transaction". www.rtx.com (Press release). Raytheon Technologies. 3 April 2020. Retrieved 3 April 2020.
  12. 1 2 "Aerospace manufacturing attractiveness rankings" (PDF). PwC. September 2018.
  13. ↑ Parker, Dana T. Building Victory: Aircraft Manufacturing in the Los Angeles Area in World War II, pp. 131-2, Cypress, CA, 2013.
  14. 1 2 3 Jens Flottau (Jul 12, 2018). "Aerospace Consolidation Anew: Now It's The Commercial Airframers". Aviation Week & Space Technology.
  15. ↑ "Mergers & Acquisitions - Aerospace & Defense". Thomson Financial, Institute for Mergers, Acquisitions and Alliances.
  16. ↑ Leslie Wayne (Feb 27, 1998). "The Shrinking Military Complex; After the Cold War, the Pentagon Is Just Another Customer". New York Times.
  17. ↑ "Boeing offering $13 billion to buy McDonnell Douglas". New York Times. Dec 16, 1996.
  18. ↑ "Raytheon wins bidding war for Hughes Aircraft". Flight International. 22 January 1997.
  19. ↑ "All-UK merger sends European defence into disarray". Flight International. 27 January 1999.
  20. ↑ "United Technologies To Acquire Rockwell Collins For $30 Billion" (Press release). United Technologies. September 4, 2017.
  21. ↑ Michael Bruno (Sep 18, 2017). "Northrop To Buy Orbital For More Than $9B". Aviation Week & Space Technology.
  22. ↑ Jerrold T. Lundquist (Oct 18, 2017). "Opinion: C Series Deal Ends Aerospace Status Quo". Aviation Week & Space Technology.
  23. ↑ Michael Bruno and Guy Norris (Dec 21, 2017). "Boeing, Embraer Mull Combination That Could Reset OEM Industry". Aviation Week Network.
  24. ↑ Jon Hemmerdinger (6 June 2018). "Mergers may fuel long-awaited E2 and CSeries sales bump". Flightglobal.
  25. ↑ Jon Hemmerdinger (3 April 2020). "United Technologies-Raytheon merger to close today". Flightglobal.
  26. ↑ Murdo Morrison (9 April 2020). "Failed marriages: Top 10 aerospace mergers that never were". Flightglobal.
  27. ↑ Thierry Dubois and Jens Flottau (Jan 20, 2017). "Tier 1 Consolidation Continues As Safran Takes Over Zodiac". Aviation Week & Space Technology.
  28. ↑ Michael Bruno (Dec 6, 2017). "Industry Landscape Could Reboot Under Aircraft Electrification". Aviation Week & Space Technology.
  29. ↑ "United Technologies Announces Intention to Separate Into Three Independent Companies; Completes Acquisition of Rockwell Collins" (Press release). United Technologies. November 26, 2018.
  30. 1 2 Kevin Michaels (May 18, 2017). "Beware, OEM-supplier Relations Are Changing". Aviation Week & Space Technology .

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