The Merge cover image

The Merge

E22 – The legend that reshaped the 1990s military tech industry

Jan 7, 2024
In this podcast, defense industry legend Norm Augustine shares his experiences and insights. He discusses the defense industry heyday, consolidation in the 90s, and his involvement with the CIA. They also talk about government procurement contracts, the Last Supper meeting at the Pentagon, and the merger process that created Lockheed Martin. Norm shares personal stories and reflects on his career path and retirement goals.
01:38:20

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • The Last Supper event marked a significant transformation for the defense industry, with companies needing to consolidate or risk going out of business.
  • Consolidation in the defense industry was driven by shrinking budgets and the need for cost-efficiency, resulting in a more streamlined industry.

Deep dives

Last Supper: A pivotal moment for the defense industry

In the podcast episode, Norm Augustine recounts a significant event in the defense industry known as the 'Last Supper'. Less Aspen, the Secretary of Defense at the time, invited a group of CEOs from defense companies to dinner at the Pentagon. During the dinner, Bill Perry, the Deputy Secretary of Defense, presented a chart highlighting the number of suppliers for various defense equipment. It became clear that with budget cuts and the need for cost-efficiency, the industry could not sustain a large number of suppliers. Companies would need to consolidate, merge, or risk going out of business. This marked a significant transformation for the defense industry, as multiple companies went through mergers and acquisitions, and the industry saw a substantial decline in the number of employees and companies. The Last Supper became symbolic of the challenges and changes faced by the defense industry during that time.

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