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From: campbell@ufomind.com (Glenn Campbell, Las Vegas) Date: Tue, 1 Jul 1997 17:10:17 -0800 Subject: EG&G Reduces its Government Business (Fortune Magazine) |
From a June 8 article in Fortune Magazine at: http://www.pathfinder.com/fortune/1997/970609/eco.html ----- And finally there's the "peace dividend." The economy seems to be benefiting from the end of the Cold War at last: Only 3.2% of the nation's gross domestic product is expected to be spent on the military this year, down from the Reagan buildup high of 6.1% in 1987. That's released millions of workers and billions of dollars for more productive uses. In 1987 at Wellesley, Massachusetts-based EG&G, for example, about 70% of revenues came from defense contracts for such things as nuclear weapons components. As military expenditures dropped, EG&G exited those businesses and concentrated on developing products for commercial applications. In one case, EG&G turned military technology into an improved kind of flash bulb; it now makes all the flash lamps on Kodak disposable cameras and 60% of Fuji's. Today government work accounts for only 30% of EG&G's business. ----- [Via hvdp@worldonline.nl]
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