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Though the aerospace and defense industry is often thought to be fairly consolidated, the fact of the matter is that there are still plenty of firms operating in the space that are small enough to merge without much in the way of issues from an anti-trust perspective. Case in point, we have the latest announced merger between Woodward Inc. (WWD) and Hexcel Corporation (HXL). Woodward, a global leader in control systems for the aerospace, defense, and industrial space, has decided to absorb Hexcel, a global leader in advanced composite technology for