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August 17, 1993|From Times Staff and Wire Reports

Textron to Sell Part of Unit: The owner of Avco Financial Services said it will sell up to 19% of one of its insurance subsidiaries but has no plans to sell all or part of its Avco group of finance and insurance companies. Textron Inc., a Providence, R.I., conglomerate, said it has filed documents with the Securities and Exchange Commission to sell 17% to 19% of its Paul Revere Corp. At the same time, the parent company sought to dispel rumors that it was pulling out of the financial services industry and might sell Irvine-based Avco.

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