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Textron will buy Ex-Cell-O for $1.03 billion.

August 19, 1986

Textron said Ex-Cell-O's board had unanimously agreed to its acquisition offer of $77.50 a share. The merger agreement, which will bolster Textron's already strong holdings in the aerospace industry, came after Textron sweetened its original $900-million unsolicited bid to take over Ex-Cell-O. Troy, Mich.-based Ex-Cell-O rejected that offer last week as inadequate. As part of the agreement, E. Paul Casey, Ex-Cell-O's chief executive, will become a Textron director and vice chairman of its board.

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