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2013 Global Aerospace & Defense Outlook

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    2013 GlobalAerospace & Defense

    Outlook

  • 8/12/2019 Aerospace Defense Outlook 2013

    2/16 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    Aboutthe surveyThis Global Aerospace and Defense Outlookis part of KPMGs 2013 Global

    Manufacturing Outlook Survey. Data was collected by the Economist Intelligence Unit in

    November 2012 and accompanying analysis was provided by senior KPMG A&D leaders

    from across KPMGs global network of A&D practices.

    A total of 335 senior manufacturing executives participated in the survey, of which

    17 percent came from the A&D sector. The views reflected in this Global Aerospace

    and Defense Outlook include those from 14 large OEMs (large OEMs), defined as

    companies with revenues of US$10 billion or more, and 43 medium-sized organizations(suppliers), defined as companies with revenues of between US$500 million and

    US$10 billion.

    Forty percent of the A&D respondents identified themselves as being based in North

    America, 32 percent in Western Europe and 19 percent in Asia. Almost half (43 percent)

    of all A&D respondents held C-Level positions within their respective organizations with

    a further 41 percent representing SVP/VP/Director or Head of department roles.

    2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    These have not been easy times for the aerospace and defense (A&D) sector. On thecommercial aerospace side, backlogs have hit record levels and projections show

    that growth is not likely to let off anytime soon. For the defense sector, the picture is

    somewhat more challenging as governments slash defense budgets to balance the

    public books.

    But with continued economic uncertainty ahead, it seems clear that organizations in both

    the aerospace and the defense sectors will need to undergo a paradigm shift if they hope

    to enhance their margins, retain their balance sheet strength and grow their competitive

    advantage.

    This Global A&D Outlook reportprovides ample evidence that some of this necessary

    change is already underway. Large A&D OEMs (original equipment manufacturers) were

    30 percent more likely than the industry average to say they would be cutting back or

    delaying planned investments and almost 10 percent more likely to say they would exitunprofitable product lines in the next 2 years.

    Some may say this is simply a hunker down mentality; others would suggest these

    organizations are focused on trimming fat and growing their core business to prepare for

    the future. Success for some is in repurposing their existing products, services and

    business models laterally into adjacent markets. The next few years should also see a rise

    in the number of A&D organizations expanding into new global regions.

    This sector report reflecting the views of the vast majority of the sectors large OEMs

    and suppliers from around the world dives into the challenges and explores the

    opportunities present in todays A&D market and offers some practical and forward

    looking insight for players around the world.

    To discuss these or any other issues currently facing your A&D organization, I encourage

    you to contact your local KPMG member firm or one of the contacts listed at the back of

    this publication.

    Foreword

    Doug GatesGlobal Head of Aerospace and Defense

    2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    Continued emphasis on

    managing costs

    Renewed focus on the supply chain

    Achieving growth in new markets

    Conclusion

    How KPMG can help

    2

    5

    8

    10

    11

    Contents

    2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    Continuedemphasison managing costsA&D executives around the world are

    heavily focused on reducing their cost

    base. And rightfully so: with almost

    80 percent of large OEM respondentssaying that growth over the next two

    years will likely top out at an anemic

    two percent, it seems clear that any

    additional bottom line growth will need

    to be realized off the back of further

    cost reductions.

    Its not surprising, therefore, that

    more than half (53 percent) of all

    A&D respondents said that reducing

    their cost structure would be their

    top strategic priority for the next two

    years. The emphasis on cost cutting is

    particularly keen within the large OEM

    segment of the market where more

    than seven in ten respondents put

    cost cutting as a top priority.

    But with most of the low-hanging

    fruit of cost optimization already

    plucked, many sector executives

    are now starting to re-examine their

    structures and business models to

    identify sustainable opportunities for

    eliminating costs.

    Almost half of all A&D respondents

    said they will exit unprofitable or

    non-core product lines and business

    units while more than a quarter said

    Over 2%

    reduction

    1-2%

    reduction

    0.1-0.9%

    reduction

    No growth0.1 to 1.9%

    growth

    All A&D respondents Large A&D OEMs

    2-3% growthOver 3% growth

    A&D companies predict 0-2% growth

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    80%

    90%

    4%0%

    22%

    14%

    36%

    79%

    15%

    7%11%

    0%

    8%

    0%2%

    0%

    Source: Economist Intelligence Survey, Nov. 2012

    Q: What is your outlook for the global economy over the next 12 to 24 months? Select one.

    More than

    half of all A&Drespondents saidthat reducing theircost structurewould be their topstrategic priorityfor the next

    2 years.

    2|2013 Global Aerospace & Defense Outlook 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    A&D companies exiting unprofitable or non-coreproduct lines and businesses

    Sharingfunctions

    and/or facilities

    with other

    organizations

    Acquiring

    suppliers to

    stabilize

    input costs

    Exiting

    unprofitable

    or non-core

    business units

    Exiting

    unprofitable

    or non-core

    product lines

    Cuttingback

    and/ordelaying

    planned

    investments

    Reducing

    labor

    force/costs

    All A&D respondents Large A&D OEMs

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    40%

    36%

    27%

    57%

    41%

    50%

    41%43%

    37%36%38%

    36%

    Source: Economist Intelligence Survey, Nov. 2012

    Q: What are the priority areas of cost-control that you will pursue over the next 12 to 24 months? Select top three.

    they would cut back or delay planned

    investments. Interestingly, the large

    OEMs were more than twice as likely

    as the sector average (or, indeed, thewider cross-sector sample) to point

    to reductions in investment levels,

    suggesting that it may be some time

    before investment truly starts to

    percolate down through the sector.

    Yet while on the surface the data

    seems to indicate an era of sluggish

    growth and reduced investment,

    the underlying trends suggest that

    the sector will likely emerge from

    the uncertainty stronger and more

    profitable than before. Further

    consolidation, for example, should leadto more resilient supplier networks;

    the divestment of non-core operations

    should ensure that future capital is

    focused on areas that can deliver long-

    term value; and cuts in investment

    levels should lead to more joint

    ventures and cooperative approaches

    to sharing both costs and risks.

    2013 Global Aerospace & Defense Outlook |3 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    Generally speaking, Brazils A&D sector

    is influenced by two main government

    departments: the Civil Aviation Secretary

    (Secretaria da Aviacao Civil) and the Ministry of

    Defense (Ministerio da Defesa).

    The Secretaria da Aviacao Civil is largely focused

    on facilitating the process of transferring airport

    concessions and privatizations to the private

    sector and has recently made good progress

    with the granting of concessions for three

    major airports: Guarulhos in Sao Paulo (Brazils

    main passenger airport), Viracopos in Campinas

    (Brazils main cargo airport) and Brazilia (the

    national capital). Plans are already in place for

    the next round of concessions which should

    include Galeao in Rio de Janeiro. But while the

    concession process is going well, it has had

    an impact on the aerospace sector, particularly

    within the regional carrier business.

    The Ministerio da Defesa commands the largest

    government budget with operating budgets of

    BRL57 billion (US$28 billion) and an investment

    budget of BRL8 billion (US$3.9 billion). Yet while

    the defense ministry may have a wide range

    of projects now under their direction, foreign

    defense players will find entering the market

    to be a challenge without the benefit of local

    partners.

    One particular area of opportunity for the

    defense sector, however, is in the provision

    of security products and services. As Brazil

    prepares to host the FIFA World Cup in 2014 and

    the Summer Olympics in 2016, these services

    will be in high demand.

    Jarib Fogaca

    Aerospace and

    Defense Sector

    Leader

    KPMG in Brazil

    KPMG Insight

    Enhancing cooperation to drive cost savings

    While many A&D sector leaders seem keen to

    stick to their knitting by focusing on the core

    business and reducing investment, the reality is

    that more fundamental cost cutting measures

    will be needed to raise margins and navigate

    through the current market uncertainty.

    Yet as I travel around the world speaking with

    sector executives, I often find that many of the

    opportunities for cost reduction that are already

    commonplace in many other manufacturing

    sectors shared services, collaborative supplychain platforms and consolidated infrastructure,

    to name a few have yet to be widely adopted

    within the A&D sector.

    Taking advantage of these proven opportunities

    will require A&D organizations to focus on

    improving collaboration across both their

    internal structure and their wider supplier

    network. And while this may occasionally add

    some complexity, the cost and risk-sharing

    advantages can often be significant.

    Getting there, however, will not be easy.

    Executives will need to encourage a

    transformative paradigm shift where sacred

    cows and ingrained ways of working are

    challenged and walls are broken down to

    encourage greater collaboration. Relationships

    up and down the supply chain will need to be

    enhanced, likely with the help of enabling IT

    platforms. New processes and governancemodels will also be required, particularly where

    sensitive data is being shared between divisions

    and partners.

    Those that are able to navigate through these

    complexities, however, should emerge as not

    only fitter and more cost-effective organizations,

    but better able to take advantage of new cost

    reduction opportunities that arise in the future.

    Doug Gates

    Global Head of

    Aerospace and

    Defense

    KPMG Insight

    4|2013 Global Aerospace & Defense Outlook 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    all. This is a particular challenge for the

    sectors large OEMs who in their

    transformation towards end-product

    integrators have largely contracted

    the supply risk out to their Tier 1

    suppliers and, as a result, have lost

    visibility into the more distant part oftheir supplier network.

    Given the current cost pressures

    and ongoing demand volatility in the

    market, we expect to see further

    consolidation within the A&D supplier

    networks. Indeed, our survey finds

    that of the A&D respondents

    representing sector suppliers four in

    ten said that their organizations goal

    in pursuing transactions was to reduce

    exposure to input price volatility and

    dependence on third party suppliers.

    The A&D sectorwill need to place

    a much higher

    focus on improvingsupply chainintegration.

    Renewed focuson the supply chainIf events of the past year have made

    anything clear, it is that the A&D sector

    will need to place a much higher focus

    on improving supply chain integration.

    Delivery delays in the aerospace sector,

    demand volatility in the defense sector

    and increasing incidences of supplychain disruptions across the board

    have shown that greater visibility and

    cooperation will be needed.

    But according to our survey, A&D

    organizations have far less visibility

    into their supply chains than peers in

    other sectors. Only around a quarter

    (27 percent) of A&D organizations

    said they had visibility past their Tier 1

    suppliers (versus 41 percent of non-

    A&D respondents) while nine percent

    said they had no supplier visibility at

    Significantly less visibility into their supply chains

    No visibility

    little to no Tier 1

    supplier visibility

    Some visibility

    limited Tier 1

    supplier visibility,

    but not Tier 2 and

    beyond

    Enhanced visibility

    Tier 1 supplier

    visibility and

    some Tier 2

    supplier visibility

    Complete visibility

    Tier 1, 2, and beyond

    suppliers visibility

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    7%9%

    4%

    57%

    63%

    49%

    29%23%

    32%

    7%4%

    9%

    All A&D respondents Large A&D OEMs All manufacturers

    Source: Economist Intelligence Survey, Nov. 2012

    Q: How much visibility of supply and capacity information do you have across your suppliers and logistics partners? Please select one.

    2013 Global Aerospace & Defense Outlook |5 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    But while, for the most part, the large

    OEMs will cheer any transactions

    within the supply network that will

    lead to greater security of supply

    and lower costs, none of the large

    OEM respondents to this survey

    indicated a desire to purchase suppliers

    themselves.

    Where the large OEMs do need to

    focus, however, is on removing any

    obstacles slowing supply chain signals

    from moving around their supply chain

    network. Already almost half of all A&D

    suppliers report encountering significant

    challenges in aligning operations to real-

    time fluctuations in customer demand

    while a quarter point to problems with

    ensuring sufficient supplier capacity to

    meet existing demand.

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    All A&D respondents Large A&D OEMs

    Significant challenges in aligning operations to real-time

    fluctuations in customer demand

    26%

    21%

    Ensuring

    sufficient

    supplier

    capacity to

    meet demand

    14%

    21%

    Lack of

    skilled talent

    to manage

    supply chain

    execution/

    planning

    35% 36%

    Supplier

    performance

    in terms of

    risk, reliability

    and quality

    49%

    43%

    Aligning

    operations

    to real-time

    fluctuations

    in customer

    demand

    9%

    29%

    Inadequate

    IT systems

    for supply

    chain visibility,

    planning and

    execution

    9%

    21%

    Lack of

    information

    and material

    visibility across

    the extended

    supply chain

    2%0%

    Inefficient

    supply

    chain tax

    structure

    Source: Economist Intelligence Survey, Nov. 2012

    Q: What are the top challenges facing your supply chain? Please select top two.

    6|2013 Global Aerospace & Defense Outlook 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    Becoming truly demand-drivenAs A&D organizations look to become

    leaner and more cost efficient, a

    growing number are starting to move

    towardsdemand-driven supply

    chains where all planning, purchasing

    and replenishment are aligned with

    actual demand at the furthest point of

    consumption.

    But with the vast majority of A&D

    respondents (71 percent) saying that

    they still rely on forecast demand forat least part of their manufacturing,

    purchasing and replenishment

    decisions, it is clear that more can

    be done within the A&D sector to

    establish multi-tier visibility and

    eliminate information latency across

    the supply chain.

    To achieve this, A&D organizations will

    need to shift their thinking away from

    traditional supply chains and instead

    towards the concept of highly integrated

    supply networks where multiple tiersof companies are working off the same

    shared view of total demand and total

    available supply with common processes

    and metrics.

    The promise of integrated value chain

    networks has already been achieved

    successfully in several other industries,

    and the advancement in technology

    solutions has only made this integration

    easier. Indeed, experience has proven

    that the best-designed demand-

    driven networks are those developed

    in collaboration with key suppliers/customers and rolled out through an

    iterative approach with continuous

    process improvement measured

    against a shared benefits model.

    Business leaders should note, however,

    that this is often an emotional journey

    replete with its own highs and valleys

    of despair. But those that are able to

    manage the transition effectively will

    find that demand-driven approaches

    may allow A&D organizations to

    leapfrog their competitors and sustaina competitive differentiation for an

    extended period of time.

    KPMG Insight

    Rob Barrett

    Managing

    Director,

    Advisory,

    KPMG in

    the US

    Amit Gupta

    Partner,

    Advisory/

    ManagementConsulting,

    KPMG in

    the US

    2013 Global Aerospace & Defense Outlook |7 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    While cost cutting may be front and

    center for the A&D sector, growth also

    remains a key priority. Of those A&D

    respondents who are experiencing

    a resurgence in innovation, most are

    expecting to do this by enhancing

    existing product lines and servicesrather than focusing on breakthrough

    disruptive innovation.

    In part, this speaks to the high capital

    costs that are often associated with

    breakthrough innovation. But it also

    indicates that a greater emphasis will

    be placed on exploiting potential market

    adjacencies over the coming years.

    And while almost a quarter say they

    will invest in new innovation, the vast

    majority of this investment will likely

    be focused on areas that will helpdifferentiate their products by, for

    example, reducing their price points,

    delivering dramatic improvements

    in product quality over the lifetime,

    developing environmentally friendly

    products and services, and creating

    better technology platforms.

    In much the same way as

    organizations are focused on

    exploiting potential market

    adjacencies to stimulate growth,

    many A&D organizations are also

    clearly seeking to grow through

    transactions. Almost a quarter

    (23 percent) of respondents from the

    A&D sector and 44 percent of largeA&D OEMs said that any transactions

    their organizations pursued would

    likely be aimed at expanding into new

    product segments or increasing their

    geographic coverage, indicating that

    some investment will be flowing into

    new growth areas.

    Given all of this, we expect to see an

    increase in the number of partnerships

    and joint ventures being developed

    within the sector as organizations

    seek to shore up their capabilities innew markets and deliver compelling

    new value propositions from existing

    service offerings. And while some

    of these will be traditional tie-ups

    between suppliers and integrators, we

    also expect to see new collaborations

    forming between A&D organizations

    and non-aligned industries such as

    telecoms or consumer electronics.

    Achieving growthin new marketsExpect to seean increase inthe number of

    partnerships andjoint venturesbeing developed.

    8|2013 Global Aerospace & Defense Outlook 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    Achieving success in new market entry

    While key global economies are scaling

    down their defense expenditure, many

    emerging markets such as India are

    looking to do the exact opposite. This is good

    news for the industry as new investment

    will not only offer new growth opportunities

    but should also lead to increased levels

    of modernization, the implementation of

    new technologies and the passing of muchneeded reforms.

    However, some challenges remain for

    foreign participants. For one, current FDI

    limits (26 percent in India1) within the

    sector are dampening investment but for

    the most part these are expected to be

    addressed in future.

    Foreign companies will have also noted

    recent policy changes announced by the

    Indian Ministry of Defense that place a

    strong emphasis on indigenization and

    domestic procurement.2As such, external

    participants will want to focus on local brand

    building rather than simply setting up a sales

    presence and bidding on contracts.

    So while the replacement of the Indian

    defense forces outdated platforms may

    be a high priority, it will be those that

    demonstrate established relationships

    and long-term partnerships with the local

    industry that stand the best chance of

    winning in the long run.

    Those embarking on an emerging market

    strategy should therefore start by taking a

    good look at their investments in each target

    country and assess the strength of their

    local relationships and capabilities versus

    the comparative strength of local market

    competitors.

    Neelu Khatri,

    Head of Aerospace

    & Defense

    KPMG in India

    KPMG Insight

    30%

    44%

    Expand into new

    product segments

    or increase

    geographical

    coverage

    All A&D respondents Large A&D OEMs

    48%

    56%

    Maintain critical

    mass or increase

    market share

    (eg, targeting core

    business segments/

    geographies)

    20%

    0%

    Reduce exposure

    to input price

    volatility and

    dependence on

    third party

    suppliers

    A&D companies to grow through transactions

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    Source: Economist Intelligence Survey, Nov. 2012

    Q: Which of the following describe your organizations goals in pursuing transactions? Please select one.

    1 http://www.livemint.com/Companies/oFSyiqFgw6SV4WXzohMyrK/India-to-stick-with-26-FDI-in-defence.html?facet=print2 http://www.livemint.com/Home-Page/qOsh8IhMjSkHB9DNnlg8cP/Defence-procurement-policy-overhauled.html

    2013 Global Aerospace & Defense Outlook |9 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    ConclusionAs this Global A&D Outlook illustrates, todays global marketplace representsa world of opportunity for aerospace and defense companies. But along with

    opportunity comes an evolving set of challenges including:

    the growing need to partner with customers and suppliers to better reduce

    development costs and share risks

    the complexity of identifying and divesting of non-core assets

    the drive for greater visibility deeper into the supply chain

    an ongoing effort to identify and capitalize on growth opportunities by leveraging

    existing technologies into aligned industries or regions; and

    how best to maximize R&D investments to respond to changing customerdemands.

    To prosper in this type of environment A&D companies must seek new approaches

    that will help them navigate the challenges above and take advantage of the

    opportunities that lie ahead.

    So while both the data and KPMG professionals experience in the market suggest

    that the heady days of double digit growth and unfettered optimism in the A&D

    sector may have passed, we continue to see many opportunities for large OEMs

    and suppliers to manage costs and drive growth within todays environment.

    Yet given that all signs point to slow measurable growth for the sector in the near-

    term, the advantage will go to those that are able and willing to harness thesenew opportunities and explore new avenues for growth. Those that do not (or

    cannot) will ultimately find the next few years to be very trying indeed.

    10|2013 Global Aerospace & Defense Outlook 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    How KPMG can helpAs a leading professional services firm to aerospace and defense companies,KPMG is committed to helping clients plan for the future. Nearly 1,500 Global A&D

    partners and professionals provide industry-specific experience and work closely

    with you to navigate the evolving complexities of global operations and value chains,

    and unlock value for your organization, customers, and stakeholders.

    KPMG professionals help A&D clients transform challenges into opportunities with

    cross-functional industry knowledge, open collaboration, and an insightful approach

    thats tailored to each clients situation and needs.

    KPMGs Audit, Tax and Advisory professionals support aerospace and defense

    clients with deep technical and industry experience, and provide actionable

    operational, financial, and regulatory insights that help you cut through complexity.

    2013 Global Aerospace & Defense Outlook |11 2013 KPMG International Cooperative (KPMG International). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.

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    The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accu-

    rate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should

    act on such information without appropriate professional advice after a thorough examination of the particular situation.

    2013 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International.

    KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does

    KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

    The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.

    Designed by Evalueserve. Publication name: 2013 Global Aerospace & Defense Outlook

    kpmg.com/socialmedia

    Global Aerospace and Defense Leadership:

    Additional contributors and country leaders:

    Jeff Dobbs

    Global Sector Chair,

    Diversified Industrials

    +1 313 2303 460

    [email protected]

    Doug Gates

    Global Head of

    Aerospace & Defense

    +1 404 222 3609

    [email protected]

    Kai C. AndrejewskiAerospace and Defense Sector

    Leader

    KPMG in Germany

    +49 211 475 7900

    kandrejew[email protected]

    Glynn Bellamy

    Partner

    KPMG in the UK

    +44 121 6096170

    [email protected]

    Luis Alejandro Bravo

    Aerospace and Defense SectorLeader

    KPMG in Mexico

    +52 555 2468360

    [email protected]

    Ken DroverLeadPartner, Defense Center of

    Excellence

    KPMG in Australia

    +613 92 88 6623

    [email protected]

    Jarib Fogaa

    Aerospace and Defense Sector

    Leader

    KPMG in Brazil

    +55 19 2129-8700

    [email protected]

    Jean-Luc Guitera

    Partner, Aerospace and Defense

    sector

    KPMG in France

    +33 155 686962

    [email protected]

    Andrew Jackson

    Partner

    KPMG in the UK

    +44 20 76941923

    [email protected]

    Ja Young Jo

    Aerospace and Defense Sector

    Leader

    KPMG in Korea

    +82 2 2112 0640

    [email protected]

    Neelu Khatri

    Head of Aerospace & Defense

    KPMG in India

    +91 124 3074000

    [email protected]

    Grant McDonald

    National Sector Leader, Aerospace &

    Defense

    KPMG in Canada

    +1 613 212-3613

    [email protected]

    Marty Phillips

    Global Head of Management

    Consulting for Diversified Industrials

    +1 678 525 8422

    [email protected]

    Laurent Des PlacesPartner, Aerospace and Defense

    sector

    KPMG in France

    +33 155 686877

    [email protected]

    Alex Shum

    Head of Diversified IndustrialsKPMG in China

    +86 212 2122508

    [email protected]

    Michele HendricksGlobal Executive for DiversifiedIndustrials

    KPMG in the US

    +1 203 406 8071

    [email protected]

    Martha CollyerSenior Marketing Manager

    KPMG in Canada

    +1 416 777 3505

    [email protected]

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