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Raytheon Gets Its Wallet Out


In Business This Week

RAYTHEON GETS ITS WALLET OUT

JUST ABOUT EVERYONE ELSE in defense electronics has merged, acquired, or consolidated. On Apr. 3, Raytheon finally followed suit, proposing a $2.3 billion buyout of E-Systems, the nation's leading maker of top-secret spy equipment. The purchase will add $3 billion in debt to Raytheon's books. But Chairman Dennis Picard says he remains in acquisition mode. Next on his list: a nondefense business that will help him diversify. Picard isn't the only one on a shopping spree. Consolidation has left the defense electronics industry with just four major players, all with sales of $10 billion or more. And across industries, U.S. mergers and acquisitions were up 35% in the first quarter of 1995 from a year earlier. Wall Street bankers say the dealmaking shows no signs of slowing.EDITED BY KEITH H. HAMMONDS


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