This time it’s different.

For more than a year, defense companies have taken measured steps to prepare for defense spending budget cuts. Many pruned corporate spending, sending fewer executives to foreign air shows. Some, like Lockheed Martin Corp., even offered sweeping buyouts. Others even sold off headache-causing businesses, as Northrop Grumman Corp. did by spinning off its shipyards. More acquisitions can be expected along the lines of United Technology Corp.’s offer for Goodrich Corp. Keep reading →