Special Report: Corporate Restructuring: Rebuilding To Survive

Rebuilding To Survive U.S. industry is launched on a dramatic drive for greater efficiency

It is known as downsizing, rationalizing, streamlining and, perhaps most commonly, restructuring. With a bow to the diet culture, some prefer to call it just plain slimming down. By whatever name it goes, a compulsion is sweeping through corporate America to bring about fundamental, long-lasting changes in the way it does business. U.S. corporations have always undergone periodic cutbacks in times of recession or strain, but this time the tone and scope of the effort are vastly different. Says Keith Stock, a partner in the Manhattan-based McKinsey & Co. management consulting firm: "What we're seeing is nothing less than a transformation...