Underdog: A Military Contractor Spreads Its Wings

In the $75 billion restructuring of the defense industry during the 1990s, no company that does business with the military has emerged unscathed. Take Raven Industries Inc., a widely diversified, $140 million company based in Sioux Falls, S.D. At one point, Raven garnered 90% of its sales from defense contracts; now defense accounts for just 4% of its business.