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Economic Darwinism in the Defense Industry: an Analysis of Corporate Responses Calhoun: The NPS Institutional Archive Theses and Dissertations Thesis Collection 1993-12 Economic Darwinism in the defense industry: an analysis of corporate responses Peck, Thomas R. Monterey, California. Naval Postgraduate School http://hdl.handle.net/10945/39729 NAVAL POSTGRADUATE SCHOOL Monterey, California CD €ID 00 ;-2- 94-07379 \\I!IIIUUMUlE IUMIE[ THESIS ECONOMIC DARWINISM IN THE DEFENSE INDUSTRY: AN ANALYSIS OF CORPORATE RESPONSES Thomas R. Peck December 1993 Principal Advisor: Dr. Richard Doyle Approved for public release; distribution is unlimited . ... ;SD TIC DTIC QUA)Y•IM I31SPECTE 3 Unclassified Security Clawsfifation of this page REPORT DOCUMENTATION PAGE la Report Security Classification: Unclassified lh Rcstrictivc Markings 2a Security Classification Authority 3 Distribution/Availability of Report 2b melasifcationlDowsgr•ding Schedule Approved for public release; distribution is unlimxited. 4 Parforming Organization Report Number(s) 5 Monitoring Organization Report Number(s) 6a Name of Performing Organization 6b Office Symbol 7a Name of Monitoring Organization Naval Postgraduate School ((i applicable) 36 Naval Postgraduate School 66 Address (cay. stte, and ZrP code) 7b Addres (chiy. star. and ZIP code) Monterey CA 93943-5000 Monterey CA 93943-5000 Ba Name of Funding/Sponsoring Organization 6h Offie Symbol 9 Procurem-nt Instrument IdentifitaLion Number (if aPplic lblcj Address tcwy, stale, and ZIP code) 10 Sorc of Funding Numhers Program Elcment No 1Projet No ITuk No IWork Unit Ace€siogi No SITitle andude staiety cdawfcarion) ECONOMIC DARWINISM IN THE DEFENSE INDUSTRY: AN ANALYSIS OF CORPORATE RESPONSES 12 Personal Author(s) Thomas R. Peck 13a Type of Report 13h Time Covered 14 Date of Report (.Year. ,,n,ih. dayj 15 Page Count Master's Thesis From To 1993 December - 152 16 Supplementary Notation The views expressed in this thesis arc those of the author and do not reflect the official policy or position of the Department of Defense or the U.S. Government. 17 Cosati Codes IS Subject Terms Ituitinuc' ,11!rVt'IC• i/' nt'cc..S.*ll und idenlyfr, by blhck numbelr) Field (Group (Subgroup LDefense Industry, Defense Industrial Base. Defense Spending 19 Abstract (condnue on revese if necessary and identify by block n•mber) This thesis identifies and assesses the corporate strategies adopted by the top defense companies as a result of the new defense spending environment. The model used throughout the thesis stipulates four corporate strategies: expansion, diversification. globalization, and rationalization. The thesis outlines the fundamental elements of each strategy and highlights the significant actions taken by the top defense companies. Finally, the tactors that framed the selection of these strategies are examined. The compatibility between current skills and production capabilities with market opportunities was the most influential factor in strategy selection. Because of the lead time resulting from backlog-s and acoresive cost cuttin.-. the financial viability of the top defense companies is not at risk. The thesis concludes that Mich of the strategies was pursued to nearly the same degree and many ot the companies are pursuing multiple strategies. 0 Distribution/Availability of Abstract 21 Ahstract Scgurity Clubbill;ation XX unclaasified/unlimited same as report _ DTIC users Unclassified "=a Name of Responsible Individual 22h Telephone (include Arae C.ode) 22z Office Symbol iDr. Richard Doyle (408) 656-3302 AS/Dy DD FORM 1473,&4 MAR 83 APR edition may be used until mxhausted securitv classification of this 1ag,: All other editions are obsolete Unclassified Approved for public release; distrihution is unlimited. Economic Darwinism in the Defense Industry: An Analysis of Corporate Responses by Thomas R. Peck Captain, United States Marine Corps B S., United States Naval Academy, 1989 Submitted in partial fulfiilr-ent of the requirements for the degree of MASTER OF SCIENCE IN MANAGEMENT from the NAVAL POSTGRADUATE SCHOOL Decemhcr 1993 Author: Thomas R. Peck Approved by: Dr. Richard Doy incipal Advisor LCD Jeff Neveis, Associate Advisor Department of Adminis rtv Sciences ABSTRACT This thesis identifies and assesses the corporate strategies adopted by the top defense companies as a result of the new defense spending environment. The model used throughout the thesis stipulates four corporate strategies: expansion, diversification, globalization, and rationalization. The thesis outlines the fundamental elements of each strategy and highlights the significant actions taken by the top defense companies. Finally, the factors that framed the selection of these strategies are examined. The compatibility between current skills and production capabilities with market opportunities was the most influential factor in strategy selection. Because of the lead time resulting from backlogs and aggressive cost cutting, the financial viability of the top defense companies is not at risk. The thesis concludes that each of the strategies was pursued to nearly the same degree and many of the companies are pursuing multiple strategies. Acossion For NTI SYA&I Unau~nc si~d [] •Dist { •,c• TABLE OF CONTENTS I. INTRODUCTION ........................................... 1 A. BACKGROUND ......................................... 1 B. OBJECTIVE .......................................... 4 C. SCOPE .............................................. 4 D. METHODOLOGY AND LITERATURE REVIEW .................. 6 E. OUTLINE ............................................ 7 II. THE CURRENT ENVIRONMENT ................................ 9 A. DEFENSESPENDING ................................... 9 1. Budget Trends ................................... 9 2. Procurement and RDT&E Spending Trends .......... 16 B. THE NEW DEFENSE INDUSTRIAL BASE ................... 20 C. CORPORATE STRATEGIES .............................. 24 III. EXPANSION--IN SEARCH OF MARKET SHARE .................. 30 A. FUNDAMENTALS OF THE EXPANSION STRATEGY ............ 30 B. DEFENSE COMPANIES IN PURSUIT OF EXPANSION ......... 34 1. GM-H.ghes Electronics ........................ 35 2. Lockheed ...................................... 35 3. Loral ......................................... 36 4. Martin Marietta .............................. 38 5. Litton Industries and Raytheon ................. 39 C. FACTORS SHAPING STRATEGY SELECTION ................. 41 1. Exposure to Defense Spending .................. 41 2. Market Sector Growth Opportunities ............ 44 iv 3. Existing Core Competencies .................... 46 4. FinancialStrength ............................ 48 a. Current Ratio .............................. 48 b. Capital Structure Ratio .................... 50 c. Stock Performance .......................... 52 5. Summary of Expansion Factors ................... 55 IV. DIVERSIFICATION INTO COMMERCIAL MARKETS ................ 58 A. FUNDAMENTALS OF THE DIVERSIFICATION STRATEGY ...... 58 B. DEFENSE COMPANIES IN PURSUIT OF DIVERSIFICATION... 62 1. Martin Marietta .............................. 66 2. Raytheon ...................................... 67 3. Rockwell ...................................... 68 4. Westinghouse Electric ........................ 68 5. GM-Hughes Electronics ........................ 69 6. Lockheed ...................................... 70 7. Loral ......................................... 71 8. Northrop ...................................... 71 C. FACTORS SHAPING STRATEGY SELECTION ................. 75 1. Exposure to Defense Spending .................. 76 2. Core Commercial Technologies ................... 78 3. Financial Strength ........................... 81 a. CurrentRatio .............................. 81 b. Capital Structure Ratio .................... 82 c. Stock Performance .......................... 83 4. Summary of Diversification Factors ............ 84 v V. GLOBALIZATION--REPLACING DOD REVENUES WITH EXPORTS .... 87 A. FUNDAMENTALS OF THE GLOBALIZATION STRATEGY ........ 87 B. DEFENSE COMPANIES IN PURSUIT OF GLOBALIZATION ..... 91 1. Boeing ........................................ 93 2. GM-Hughes Electronics ........................ 93 3. Rockwell ...................................... 94 4. United Technologies .......................... 95 5. Loral ......................................... 95 6. Martin Marietta .............................. 96 7. McDonnell Douglas ............................ 96 8. Raytheon ...................................... 97 C. FACTORS SHAPING STRATEGY SELECTION ................ 100 1. Exposure to Defense Spending .................. 101 2. Ability to Compete Globally .................. 102 3. Foreign Demand for Products .................. 103 4. Summary of Globalization Factors ............. 106 VI. RATIONALIZATION--FOCUSING ON CORE BUSINESSES ......... 108 A. FUNDAMENTALS OF RATIONALIZATION .................. 108 B. DEFENSE COMPANIES IN PURSUIT OF RATIONALIZATION..111 I. General Dynamics ............................ 112 2. General Electric ............................ 113 3. Grumman ...................................... 113 4. Litton Industries ........................... 114 5. McDonnell Douglas ........................... 114 6. Westinghouse Electric ....................... 116 vi C. FACTORS SHAPING STRATEGY SELECTION ................ 118 1. Exposure to Defense Spending .................. 119 2. Core Versus Non-core Business Competencies... 120 3. Summary of Rationalization Factors ........... 123 VII. CONCLUSION ........................................... 125 APPENDIX A: DOD AIRCRAFT PROCUREMENT TRENDS ................ 132 APPENDIX
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