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Precision has always had a reputation of quality, though it has declined because of aging technology and machines. The aging of the technology is because of a decline in their capital caused by a recession in the automotive industry. During the late 1970s, the American automotive industry was at its apex. Americans fell behind during this boom because of inadequate production capacity. The Japanese had identified the machine industry as a growing industry and invested in modernization of technology. Consequently, Japanese technology was better and costs were lower. When a recession hit in 1980-1981, American firms had little capital to invest, and thus could not modernize their equipment...
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