|Traded as||NYSE: TXT
S&P 500 Component
|Headquarters||Providence, Rhode Island, USA|
|Scott C. Donnelly
(Chairman, CEO, President and Member of Management Committee)
|Revenue||US$ 12.104 billion (2013)|
|US$ 498 million (2013)|
|US$ 498 million (2013)|
|Total assets||US$ 12.944 billion (2013)|
|Total equity||US$ 4.384 billion (2013)|
Number of employees
Textron (NYSE: TXT) is an American industrial conglomerate. Textron includes Bell Helicopter, Cessna Aircraft, Beechcraft, and other components. It was founded by Royal Little in 1923 as the Special Yarns Company, and is now headquartered in Providence, Rhode Island.
Textron started as a textile company in 1923, when 22-year-old Royal Little founded the Special Yarns Corporation in Boston, Massachusetts. The company manufactured synthetic yarns, a niche product at the time. By the start of World War II the company was known as Atlantic Rayon Corporation, and manufactured parachutes. As war production wound down, the company started making civilian products as well, and renamed the company Textron: “Tex" for "textiles," and "tron" from synthetics such as "Lustron". The company was listed on the NYSE in 1947.
Over the next decade and a half, Textron purchased various other manufacturing companies. In 1960, the company also bought Bell Aerospace and E-Z-Go.
Later CEOs included G. William Miller (1968–1977), and Joseph Collinson (1977–1979), and Robert P. Straetz (1979–1986). In 1984, Textron took on more debt and bought Avco, a conglomerate almost as big as itself. Later on, James Hardymon took over as CEO.
Starting in 2000, Campbell led a company-wide restructuring program. The share price fell to as low as $13/share in March 2003 after the economic downturn following the collapse of Internet companies and the terrorist attacks on the World Trade Center. Diminished demand for helicopters and airplanes led to layoffs at Cessna and Bell Helicopter.
In 2004, Forbes magazine named Campbell as the fifth worst-performing CEO in the country. Shares in Textron plummeted to as low as $10.09 per share in the aftermath of the 2008 economic downturn, driving its market capitalization down to just $3.17 billion.
On December 26, 2013, Textron agreed to purchase Beechcraft, including the discontinued Hawker jet line, for $1.4 billion. The sale was expected to be concluded in the first half of 2014, pending government approval.
Divisions and subsidiaries
Able Aerospace Services
Able Aerospace Services is an international business and $70 million aerospace enterprise that is performing more than 8,000 proprietary FAA-approved repairs on aircraft and components."Textron Acquisition of Able Aerospace Services". Vertical Magazine. 21 January 2016.
E-Z-Go is a designer and manufacturer of light transportation vehicles for golf courses and for other uses. Products include electric and internal combustion golf carts and multipurpose utility vehicles under the E-Z-Go, Cushman, and Bad Boy Buggy brands.
Greenlee Textron is an industrial and electrical tool company headquartered in Rockford, Illinois, USA. It was founded in 1862 by brothers Robert and Ralph Greenlee to manufacture their invention, a drill surrounded by four chisel blades, used in making the pockets for a mortise and tenon joint, for the furniture industry in Rockford. This device is still used in cabinetmaking. The brothers later diversified into a variety of hand woodworking tools as well as machinery for making wooden barrels. The company was acquired by Textron in 1986. Greenlee today produces various wire and cable installation tools that are used in a variety of fields.
Textron purchased Jacobsen Manufacturing around 1975, and continued to produce Jacobsen garden tractors into the 1990s. Today Jacobsen sells various products used for turf care: maintenance equipment, vehicles, and other products.
Kautex Textron is a supplier to the automotive industry. The company produces plastic fuel systems, selective catalytic reduction systems, windshield and headlamp washer systems, and other products.
Textron Systems is an aerospace and defense development and manufacturing firm headquartered in Providence, Rhode Island, USA. The company is a business unit of Textron Inc., which reported 2012 annual sales in the Textron Systems segment as $1.7 billion.
Its operating units are:
- Support Solutions, Electronic Solutions, Unmanned Systems (Hunt Valley, Maryland)
- Advanced Information Solutions (Austin, Texas)
- Geospatial Solutions (Sterling, Virginia)
- Lycoming Engines, (Williamsport, Pennsylvania)
- Marine & Land Systems (Slidell, Louisiana)
- TRU Simulation & Training (Goose Creek, South Carolina)
- Weapon & Sensor Systems (Wilmington, Massachusetts): a maker of weapons and of surveillance systems
Textron bought and acquired AAI Corporation in 2007, which has now evolved into the Support Solutions, Electronic Systems and Unmanned Systems business units mentioned above. AAI Corporation has developed and fielded products such as the RQ-7B Shadow UAV and various ground control technologies such as the One System Ground Control Station (OSGCS) and the Universal Ground Control Station (UGCS).
- "2013 Textron Annual Report" (PDF). Textron. 2013. Retrieved 19 November 2014.
- Michael Brush, “The Sky’s No Limit for CEO Perks,” MSN Money (moneycentral.msn.com), October 17, 2007, citing Paul Hodgson, Up, Up, and Away: Personal Use of the Corporate Jet, The Corporate Library, September 4, 2007.
- "About Textron: Leadership: Biography". Textron.com. Retrieved 2014-01-07.
- Textron buys Beechcraft in $1.4 billion deal
- Textron to buy Beechcraft parent for $1.4bn
- AVweb Staff (26 December 2013). "Textron Confirms Beech Acquisition". Avweb. Retrieved 27 December 2013.
- Niles, Russ (30 December 2013). "Textron Fleshes Out Beech Deal". AVweb. Retrieved 30 December 2013.
- "E-Z-GO Selected as Official Golf Car and Utility Vehicle of Universal Orlando". E-Z-GO press release. August 31, 2006.
- Will, Oscar H. (2009). Garden Tractors: Deere, Cub Cadet, Wheel Horse, and All the Rest, 1930s to Current. Voyageur Press. p. 55. ISBN 978-1-61673-161-8. Retrieved October 27, 2013.
- Niles, Russ (1 December 2013). "Scorpion May Not Be Built By Cessna". Avweb. Retrieved 7 January 2014.