March 24, 2004 |
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.
March 21, 2003 |
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.
September 27, 2001 |
Plane and helicopter maker Textron Inc. said the Sept. 11 attacks and the weak economy will hurt earnings for the rest of the year and it will further curtail production, close 50 more plants and cut 2,500 more jobs. The news hit shares of Textron hard, sending them down $10.20, or 24%, to close at $32.80 on the NYSE. Textron, maker of Bell helicopters, Cessna airplanes and golf carts, said 2002 earnings will fall below Wall Street estimates. Providence, R.I.
March 2, 2001
* Textron Inc. said first-quarter earnings per share would be down about 7% from a year ago, in line with lowered guidance provided in January when the company said it would cut 5% of its work force amid a slowdown in the U.S. auto industry. Providence, R.I.
August 3, 1999 |
Textron Inc., the biggest U.S. maker of commercial helicopters and mid-size jets, said it acquired Edwards & Associates Inc. for an undisclosed sum to expand sales of helicopter customization kits and used aircraft. Textron said Edwards will become part of its Bell Helicopter unit, which makes commercial and military helicopters. The closely held Edwards sells customization kits and accessories as well as used Bell helicopters. Edwards has sold customization kits to Bell customers for 20 years.
September 5, 1998 |
Textron Inc. said it agreed to acquire British engineering firm David Brown Group for $431 million in cash and debt to expand its fluid and power systems group overseas. Providence, R.I.-based Textron, a conglomerate that makes Cessna jets and auto parts, last month sold its Avco Financial Services unit for $3.9 billion, providing it with $1.6 billion to fund acquisitions in the industrial segments.