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Textron Sells David Brown Gear Tools Business to Dathan Tool & Gauge Ltd.

INSIGHT

February 4, 2002 Providence, Rhode Island -

Textron Inc. (NYSE: TXT) announced today that it has sold the Gear Tools operation of its David Brown business unit in Huddersfield, United Kingdom, to Dathan Tool & Gauge Ltd. The transaction includes most of the fixed assets and a portion of inventory. Terms were not disclosed.

Gear Tools was acquired by Textron as part of its 1998 acquisition of David Brown Group plc, which is part of Textron's Power Transmission group. Gear Tools had annual sales of approximately $1.4 million in 2001. The operation designs and produces a range of gear cutting tools for the automotive and agriculture equipment industries. This divestiture allows Textron Power Transmission to concentrate on its core activities supplying mechanical power transmissions.

This disposition is part of Textron's strategy to gradually divest non-core assets to create a simpler, more focused network of strong businesses in attractive industries. Other recent divestitures include Textron Automotive Trim, Turbine Engine Components Textron, as well as the sale of other non-core product lines including skid-steer loaders, composite material products, carbon products, retail fastener distribution and, fuel control and fuel delivery systems.

Textron Inc. is a $12 billion multi-industry company with more than 51,000 employees in 40 countries. The company leverages its global network of businesses to provide customers with innovative solutions and services in industries such as aircraft, fastening systems, industrial products, industrial components and finance. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft, Kautex, Lycoming, E-Z-GO and Greenlee, among others.
More information is available at www.textron.com


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Source: Textron News

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