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BUSINESS
March 27, 2011 | By Andrew Leckey
Question: What can I expect from my Textron Inc. stock? I am a longtime shareholder. Answer: This manufacturer of Cessna planes and Bell helicopters is seeking to regain altitude after a nose dive in the recession. The company's Cessna unit is the leading maker of business jets, while Bell is a top supplier of commercial and military helicopters, including aircraft used in the wars in Iraq and Afghanistan. The firm is also known for unmanned aircraft and military communication systems.
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BUSINESS
March 27, 2011 | By Andrew Leckey
Question: What can I expect from my Textron Inc. stock? I am a longtime shareholder. Answer: This manufacturer of Cessna planes and Bell helicopters is seeking to regain altitude after a nose dive in the recession. The company's Cessna unit is the leading maker of business jets, while Bell is a top supplier of commercial and military helicopters, including aircraft used in the wars in Iraq and Afghanistan. The firm is also known for unmanned aircraft and military communication systems.
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BUSINESS
January 10, 1985
The Providence, R.I.-based firm reported that the California Insurance Commissioner has approved the purchase, and the Comptroller of the Currency has determined that it will not object to the acquisition. Textron also said it has begun buying all Avco common shares that have been tendered to it in its $50-a-share tender offer, which expires Jan. 16.
BUSINESS
February 18, 2009 | TIMES WIRE REPORTS
Government auditors denied protests lodged by Northrop Grumman Corp. and Textron Inc., keeping the military contractors out of a competition to build lightweight tactical vehicles to replace the Humvee. The Army and the Marine Corps have been looking for a vehicle that can withstand roadside bombs and explosives but is more agile on mountainous terrain and narrow roads than existing mine-resistant, ambush-protected vehicles being used in Iraq and Afghanistan. The services are expected to order 65,000 vehicles.
OPINION
March 4, 2002
Textron is a $12-billion, diversified multi-industry company that has grown and evolved quite successfully during its 80-year history. By linking Textron with arguably "failed" conglomerates, "Enron a Rerun of History" (Feb. 22) misses what is most notable about Textron's story. In contrast to Ling-Temco-Vought, an over-leveraged company that twice filed for Chapter 11, and ITT, a conglomerate that several years ago completed the unwinding of its portfolio by splitting into three distinct businesses, we have successfully adapted our portfolio and business strategy to reward shareholders handsomely over the past 30 years.
BUSINESS
December 23, 2008 | Times Staff and Wire Reports
Textron Inc., the maker of Bell helicopters and Cessna aircraft, said it would cut 2,200 jobs and exit all finance businesses except those that directly serve its manufacturing units. Chief Executive Lewis Campbell has been streamlining Textron to make the Providence, R.I., company more efficient.
BUSINESS
July 30, 1987
Textron Inc. said Tuesday that it has sold its Anaheim-based Remex CAM Operations to Seymour Electronics and Automation Inc. The sale price was not disclosed. Seymour Electronics and Automation, of Topeka, Kan., is a subsidiary of Seymour Foods.
BUSINESS
August 30, 1985
Under the plan, Textron will offer 4 million shares of common stock and sell three divisions to further reduce the $1.4 billion in debt that it incurred when it purchased Avco Corp. earlier this year. The divisions that the company plans to sell are Bostitch of East Greenwich, R.I.; Dalmo Victor of Belmont, Calif., and Valentine Sands Ltd. of Australia. Textron already this year has sold five divisions and offered four others for sale.
BUSINESS
February 18, 2009 | TIMES WIRE REPORTS
Government auditors denied protests lodged by Northrop Grumman Corp. and Textron Inc., keeping the military contractors out of a competition to build lightweight tactical vehicles to replace the Humvee. The Army and the Marine Corps have been looking for a vehicle that can withstand roadside bombs and explosives but is more agile on mountainous terrain and narrow roads than existing mine-resistant, ambush-protected vehicles being used in Iraq and Afghanistan. The services are expected to order 65,000 vehicles.
BUSINESS
August 15, 1986 | Associated Press
Ex-Cell-O Corp. directors rejected a $900-million takeover offer by Textron as too low because of recent improvements in the company's profitability, it was announced Thursday. "Textron's $68-per-share proposal fails to recognize the full value of Ex-Cell-O today," Ex-Cell-O Chief Executive E. Paul Casey said in a written statement. "At this price, Textron, not our shareholders, would reap the benefits we expect to see from our extensive restructuring."
BUSINESS
December 23, 2008 | Times Staff and Wire Reports
Textron Inc., the maker of Bell helicopters and Cessna aircraft, said it would cut 2,200 jobs and exit all finance businesses except those that directly serve its manufacturing units. Chief Executive Lewis Campbell has been streamlining Textron to make the Providence, R.I., company more efficient.
BUSINESS
October 9, 2007 | From the Associated Press
providence, r.i. -- Textron Inc. said Monday that it would purchase United Industrial Corp. for about $1.1 billion in a deal that company officials said underscored the importance of unmanned aircraft to the U.S. military. The transaction would help Textron expand its aerospace and defense business. United Industrial's AAI Corp. unit, based in Hunt Valley, Md., makes aerospace and defense systems including unmanned aircraft and ground control stations and counter-sniper devices.
BUSINESS
December 28, 2005 | From Reuters
The U.S. Navy awarded Textron Inc.'s Bell Helicopter unit and Boeing Co. a $1-billion contract to buy components for 16 V-22 tilt-rotor aircraft through September 2009. The Pentagon had decided in September to accelerate production of the V-22, or Osprey.
BUSINESS
September 29, 2005 | From Bloomberg News
Textron Inc. and Boeing Co.'s V-22 tilt-rotor aircraft won approval from the Pentagon's weapons-buying oversight board to enter full production, according to three defense officials. The decision triggers a phase in the program that the companies say may be valued at as much as $20 billion during the next 10 years to 15 years. The Pentagon plans to issue a formal statement on the decision by its Defense Acquisition Board, the officials said.
BUSINESS
July 30, 2005 | From Reuters
Textron Inc.'s Bell Helicopter unit was chosen by the Army to build 368 armed reconnaissance helicopters in a contract the company valued at $2.2 billion. The craft, based on Bell's 407 helicopter, will replace the OH-58D Kiowa Warriors, which were also produced by Bell. Fort Worth-based Bell beat out a rival team led by Boeing Co. for the work, which will start with an initial development contract worth $210.7 million. Textron said Bell would deliver the new aircraft through 2013.
BUSINESS
March 24, 2004 | From Bloomberg News
General Motors Corp. is suing Textron Inc. and Steel Dynamics Inc., which the automaker accuses of overcharging for steel and steel parts. The defendants violated contracts by charging extra to compensate for rising steel prices, General Motors spokesman Tom Hill said. Both companies have threatened to stop shipments if they aren't paid, Hill said. General Motors is the only customer disputing the price increases, said a spokesman for Fort Wayne, Mich.
BUSINESS
August 6, 1986 | RALPH VARTABEDIAN, Times Staff Writer
Textron, an East Coast conglomerate that ranks as the nation's 13th-largest defense contractor, made an unsolicited $966-million cash offer Tuesday for Ex-Cell-O Corp., a suburban Detroit manufacturer of automotive parts, aerospace equipment and industrial tools.
BUSINESS
May 9, 1989
H.R. Textron in Valencia won a $222,486 contract from the Air Force to supply servo valves.
BUSINESS
March 21, 2003 | From Reuters
Textron Inc. warned that it would cut its profit forecast this year, eliminate 11% of Cessna Aircraft Co.'s workforce and furlough an additional 6,000 employees because of weakening demand for business jets. Shares of Providence, R.I.-based Textron tumbled 15% to their lowest level in nearly eight years. Textron expects to deliver 180 to 195 Cessna jets this year, down from its previous estimate of 220 planes. NetJets Inc., a unit of Berkshire Hathaway Inc.
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