Whether driven by a desire to thwart the advances of unwanted investors playing the buyout game or driven by the pressure of new and global competitors, U.S. industry has embraced cost cutting as a way of life . . . and the good old days will never return. Although the frantic leveraged buyouts of the 1980s have abated, they have been replaced by fears of recession, while competitive pressures continue to build. The response? Management intensifies its relentless attack on costs and maintains a single‐minded focus on streamlining its operations.
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