AEROSPACE firms in East Lancashire have received a "wake up call".
The new century will see continued consolidation and mergers between the world's leading aerospace manufacturers, consultants told members of the North West Aerospace Alliance.
And they warned that smaller firms would have to change the way their business operates or risk going under.
"It is interesting how many people do not think that change is going to happen," said Chris Paxton, of consultants A T Kearney.
"They think it could be ten years away, not ten months or even less. Change is happening now and people need to know where they need to be to succeed."
He added that major mergers at an international level represented a huge challenge for the UK supply base which would face more and more competition from overseas suppliers.
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