Finmeccanica's acquisition of DRS Technologies two years ago looks like a home run, establishing a strategic beachhead in the U.S. defense market. But the company still has a long way to go to catch up to its U.S. peers in operational efficiency. It continues to be hobbled with one-third Italian government ownership, while European labor retention policies make it difficult to cut costs. The result: a next-to-last TPC ranking among the industry's largest companies.
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