Wikipedia

Textron

Textron Inc.is an American industrialconglomeratebased inProvidence, Rhode Island.Textron's subsidiaries includeArctic Cat,Bell Textron,Textron Aviation(which itself includes theBeechcraftandCessnabrands), andLycoming Engines.It was founded byRoyal Littlein 1923 as theSpecial Yarns Company.In 2020, Textron employed over 33,000 people in 25 countries.[2] The company ranked 265th on the 2021Fortune500of the largest United States corporations by revenue.[3]

Textron Inc.
FormerlySpecial Yarns Company
Company typePublic
ISINUS8832031012
Industry
Founded1923;101 years ago(1923)
FounderRoyal Little
HeadquartersTextron Tower
Providence, Rhode Island,US
Key people
Scott C. Donnelly
(CEO,chairman&president)
RevenueIncreaseUS$13.7billion (2023)
IncreaseUS$922 million (2023)
IncreaseUS$921 million (2023)
Total assetsIncreaseUS$16.9 billion (2023)
Total equityDecreaseUS$6.99 billion (2023)
Number of employees
c. 35,000(2023)
Subsidiaries
Subsidiary list
Websitetextron.com
Footnotes / references
[1]

History

edit

Early history

edit
Textron fabrics ad from 1948

Textron started as a textile company in 1923, when 27-year-oldRoyal Littlefounded theSpecial Yarns CorporationinBoston, Massachusetts.The company manufactured syntheticyarns,a niche product at the time. By the start ofWorld War II,the company was known asAtlantic Rayon Corporationand manufacturedparachutes.As war production wound down, the company started making civilian products as well and was renamedTextron:"Tex" for "textiles" and "tron" from synthetics such as "Lustron". The company was listed on theNYSEin 1947.[4]

Royal Little began the process of turning Textron into a conglomerate in 1953, with the purchase of Burkart Manufacturing Company (upholstery filling for the automotive industry) in September 1953, followed by the purchase of Dalmo-Victor (airborne Radar Antennae)[5]and MB Manufacturing Company in early 1954.[6]The push for diversification would see Textron purchase various other manufacturing companies. In 1960, the company also bought Bell Aerospace and E-Z-Go.[4]The textile division was sold toDeering Millikenin 1963.[7]

Later CEOs includedG. William Miller(1968–1977), Joseph Collinson (1977–1979) and Robert P. Straetz (1979–1986). In 1984, Textron took on more debt and boughtAvco,a conglomerate almost as big as itself. Later on, James Hardymon took over as CEO.[4]This $1.4 billion acquisition included the parent ofPaul Revere Insurance Company[8](through 1996, when they sold it).[9]

Campbell era

edit

James Hardymon brought inLewis B. Campbell,who became CEO in 1998.[citation needed]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 theterrorist attacks on the World Trade Center.Diminished demand for helicopters and airplanes led to layoffs atCessnaandBell Textron.[citation needed]

In 2007, theWall Street Journalreported that Campbell had received $494,700 in compensation in the form of his use of a corporate jet to travel between his home and office, which made him the most expensive CEO in the country in terms of use of jet travel. Some shareholders have questioned whether it is a good use of shareholder dollars to pay for the personal lifestyle choice of the CEO to live in one state and work in another.[10]Shares in Textron plummeted to as low as $10.09 per share in the aftermath of the2008 economic downturn,driving its market capitalization down to just $3.17 billion.[citation needed]While the company lost 75% of its value in the first ten years of Campbell's leadership, he managed to take home over $120 million in compensation. His salary in 2008 was $25 million, making him the highest-paid executive of a conglomerate. Campbell managed to sell over $40 million in Textron stock in April and May 2008, at prices over $60 per share.

After Campbell

edit

Scott C. Donnellybecame CEO in December 2009.[11]Textron acquired Mechtronix inMontreal, Quebecand OPINICUS inTampa, Florida,in 2013. Donnelly combined these flight simulation companies, along with Textron's AAI Logistics & Technical Services, to form TRU Simulation & Training in 2014.[4]

On December 26, 2013, Textron agreed to purchaseBeechcraft,including the discontinued Hawker jet line, for $1.4 billion. The sale closed in March 2014.[12][13][14][15][16]The company formed a new company calledTextron Aviationto market the products of Beechcraft,Cessnaand Hawker as individualbrands.[4]

From 2013 to 2016,R&Dinvestments were 4.3%, 4.0%, 4.6%, and 4.2% of its revenues ($13.78 billion in 2016) and totaled more than $2.2 billion as it developed seven aircraft: theBell 525 Relentless,Bell V-280 Valortiltrotor,Cessna Citation Longitude,Cessna Citation Hemisphere,Beechcraft Denalisingle-engine turboprop, theCessna SkyCouriertwin cargo hauler and theTextron Scorpionclose support jet after the certification of theBell 505 Jet Ranger X.[17]

In March 2022, Textron agreed to acquirePipistrel,an electrically powered aircraft manufacturer based in Italy and Slovenia.[18]

On April 5, 2022, U.S. authorities announced criminal as well as civil charges in a Manhattan federal court against the former head of a now-defunct London-based company, Xcalibur Aerospace Ltd., for making a fraudulent bid to buy Textron for $13.8 billion. The Department of Justice and the SEC claimed that Xcalibur Aerospace was never in a position to complete a tender offer for Textron and lacked the finances to do so.[19]

On May 28, 2024,Textronpublicly announced the completion of the 400thCessna Citation Latitudebusiness jetat its manufacturing facility inWichita,Kansas. Scheduled for delivery later this year, the significant achievement was marked by a celebratory event held by employees at the company's Wichita headquarters.[20]

Divisions

edit

Able Aerospace Services

edit

Able Aerospace Services is an international business and $70 million aerospace enterprise that is performing more than 2,800 proprietaryFAA-approved repairs on aircraft and components.[21]

ATAC

edit

Airborne Tactical Advantage Company(ATAC) is a government contractor based inNewport News,Virginia.

Arctic Cat

edit

On March 6, 2017, Textron acquiredArctic Catfor US$247M. Arctic Cat is a manufacturer of snowmobiles, all-terrain vehicles, andside-by-sides.Textron operates Arctic Cat as a subsidiary of Textron Specialized Vehicles.[22]

Bell Textron

edit
Bell 429Helicopter

Bell Textronis an Americanhelicopterandrotorcraftmanufacturer headquartered inFort Worth, Texas.[23]

E-Z-GO

edit

Acquired by Textron in 1960,[24]E-Z-GO is a designer and manufacturer of light transportation vehicles for golf courses, planned communities, campuses, and other uses. Products include electric and internal combustion golf carts,low speed vehicles[25]and other multipurpose utility vehicles under the E-Z-Go,Cushmanand Bad Boy Buggy brands.[26]

Greenlee

edit

Greenlee Textronis an industrial and electrical tool company headquartered inRockford, Illinois.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 produces various wire and cable installation tools that are used in a variety of fields. On April 18, 2018, Textron announced that it would sell its Greenlee brand toEmerson Electric.[27]

Jacobsen

edit

Textron purchasedJacobsen Manufacturingin June 1978 and continued to produce Jacobsen garden tractors into the 1990s.[28][29]Today, Jacobsen sells various products used for turf care: maintenance equipment, vehicles, and other products.

Kautex Textron

edit

Kautex Textron is a supplier to theautomotive industry.The company produces plasticfuel systems,selective catalytic reduction systems, windshield and headlamp washer systems, and other products. In August 2019, Textron Inc. was looking to spin off or sell this division to focus on higher-margin parts of their business.[30]

Textron AirLand

edit

Textron AirLand, LLCis a joint venture between Textron Inc. and AirLand Enterprises, LLC that is currently developing theTextron AirLand Scorpionaircraft as a private venture.[31]

Textron Aviation

edit

Textron Aviationis a new venture formed in March 2014 from Beechcraft and Cessna, retaining the Beechcraft, Cessna and Hawker aircraft type names as brands.[32]

Textron eAviation

edit

In March 2022 Textron agreed to buySlovenianaircraft builderPipistreland form a new division forelectric aircraftdevelopment, calledTextron eAviation.Pipistrel will continue as abrandand retain its existing headquarters and operations in Slovenia and Italy. Textron will invest in the division to hasten future aircraft development and production. Pipistrel's founder and CEO, Ivo Boscarol, will stay on as a minority shareholder and also as theChairman Emeritus.The purchase was completed in April 2022, for a price of US$235M.[33][34]

Textron Systems

edit
RQ-7B ShadowUAV

Textron Systems is an aerospace and defense development and manufacturing firm headquartered in Providence, Rhode Island. The company reported 2012 annual sales in the Textron Systems segment as $1.7 billion.[citation needed]

Its operating units are:

References

edit
  1. ^Textron Inc. 2023 Annual Report (Form 10-K)(Report).U.S. Securities and Exchange Commission.February 12, 2024.
  2. ^"Textron 2020 Fact Book".Textron.RetrievedApril 7,2022.
  3. ^"Fortune 500 Companies 2021".fortune.com.RetrievedMarch 7,2022.
  4. ^abcde"History - Textron".textron.com.RetrievedAugust 10,2016.
  5. ^"TEXTRON ACQUIRES UNIT; Gets All Stock of Dalmo Victor, Maker of Radar Antenna".The New York Times.January 12, 1954.RetrievedJune 16,2024.
  6. ^"Textron Expands Into Non-Textiles; Buys MB Manufacturing Co., Aircraft Parts Maker, as 'Hedge on Depression'".The New York Times.RetrievedAugust 5,2018.
  7. ^Vartan, Vartanig G. (April 17, 1963)."TEXTRON LEAVES TEXTILE BUSINESS; Sells Its Ameroton Division to Deering Milliken, Inc. Stock Eases by 1955 Mergers Recalled".The New York Times.ISSN0362-4331.RetrievedSeptember 8,2016.
  8. ^"Paul Revere Insurance Gets a New President".New York Times.December 27, 1990.RetrievedJanuary 22,2023.
  9. ^"Textron to invest in Paul Revere Unit before sale".New York Times.November 7, 1996.selling its 83 percent stake to Provident Companies
  10. ^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.
  11. ^"About Textron: Leadership: Biography".Textron.com.RetrievedJanuary 7,2014.
  12. ^"Textron buys Beechcraft in $1.4 billion deal".kansas.com.Archived fromthe originalon December 27, 2013.RetrievedApril 28,2017.
  13. ^"Textron to buy Beechcraft parent for $1.4bn".FlightGlobal.RetrievedApril 28,2017.
  14. ^"Textron Confirms Beech Acquisition".Avweb. December 26, 2013.RetrievedDecember 27,2013.
  15. ^Niles, Russ (December 30, 2013)."Textron Fleshes Out Beech Deal".AVweb.RetrievedDecember 30,2013.
  16. ^"Textron Completes Acquisition of Beechcraft".investor.textron.com.RetrievedApril 7,2022.
  17. ^Garvey, William (December 15, 2017)."Textron Set For Busy New Year".Aviation Week & Space Technology.
  18. ^"Textron to Acquire Electric Aircraft Pioneer Pipistrel"(Press release).BusinessWire.RetrievedApril 7,2022– via finance.yahoo.com.
  19. ^Stempel, Jonathan (April 5, 2022)."U.S. charges fraud over bogus $13.8 bln Textron takeover bid".Reuters.RetrievedApril 7,2022.
  20. ^"Textron rolls out 400th Cessna Citation Latitude".Globalair.com.June 3, 2024.RetrievedJune 5,2024.
  21. ^"Textron Aviation acquires Able Engineering and Component Services - Vertical Magazine".Vertical Magazine.RetrievedJuly 21,2017.
  22. ^"Textron Is Buying Snowmobile Maker Arctic Cat".fortune.com.RetrievedApril 28,2017.
  23. ^Baker, Sandra (May 11, 2017)."Bell Helicopter finds airfield site, will reduce flying over Keller".Fort Worth Star-Telegram.RetrievedNovember 17,2019.
  24. ^"E-Z-GO History".Textron.RetrievedAugust 3,2018.
  25. ^"E-Z-GO Introduces the 2Five".BUSINESS WIRE. June 30, 2010.
  26. ^"E-Z-GO Selected as Official Golf Car and Utility Vehicle of Universal Orlando".E-Z-GO press release. August 31, 2006. Archived fromthe originalon June 28, 2014.
  27. ^"Textron to sell its tool business to Ferguson-based Emerson".Stltoday.com.RetrievedMay 8,2018– via Reuters.
  28. ^Will, Oscar H. (2009).Garden Tractors: Deere, Cub Cadet, Wheel Horse, and All the Rest, 1930s to Current.Voyageur Press. p. 55.ISBN978-1-61673-161-8.RetrievedOctober 27,2013.
  29. ^"Textron Completes Jacobsen Purchase".The New York Times.June 3, 1978.ISSN0362-4331.RetrievedApril 7,2022.
  30. ^"Textron exploring options for fuel tanks unit".Reuters.August 5, 2019.RetrievedAugust 5,2019.
  31. ^Niles, Russ (December 1, 2013)."Scorpion May Not Be Built By Cessna".Avweb.RetrievedJanuary 7,2014.
  32. ^ab"Textron Completes Acquisition of Beechcraft".Textron. March 14, 2014.
  33. ^O'Connor, Kate (March 17, 2022)."Textron To Acquire Pipistrel".AVweb.Archivedfrom the original on March 17, 2022.RetrievedMarch 17,2022.
  34. ^Niles, Russ (April 20, 2022)."Textron Completes $235 Million Purchase Of Pipistrel".AVweb.Archivedfrom the original on April 21, 2022.RetrievedApril 21,2022.
  35. ^Ismay, John (January 30, 2020)."Trump Administration Expected to Loosen Military's Limits on Land Mines".The New York Times.
edit
  • Official website
  • Business data for Textron:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Textron&oldid=1248145189"