Pros
Big push to bring the company to modern days. Low pressure, Flexible hours (At least where I worked) You can wow people by talking about the end application of the products manufactured. Good 401K plan from time to time (Disclaimer: It can change anytime) Good company to work for few years (The learning will slow down very soon).
Cons
No diversity in products and customers, very narrow marketability of the job experience. Things you learn in this company is usable only in this company. Hence low employee turnover and stagnant culture. Many managers joined this company in 1980's and have no outside experience and they learnt from their managers who worked in this company thru out their career, hence the managers have very little to offer in terms of career advice. (Things are starting to change very slowly). Very non transparent culture, performance reviews and talent evaluation needs lot of grass root improvement. Very risk averse culture.