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 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.
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.
May 13, 1988 |
A subsidiary of Textron Inc. on Thursday became the first U.S. firm to win a major airframe contract for the European Airbus, the civil airliner project that the U.S. government says is unfairly subsidized. The $700-million subcontract to build components for a new broadspan Airbus wing went to Textron Aerostructures of Nashville, Tenn. The subcontract from British Aerospace PLC is the biggest it has ever awarded for the Airbus.
August 17, 1993 |
The owner of Avco Financial Services Inc. said Monday that 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 seek approval for the public sale of 17% to 19% of its Paul Revere Corp.
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.