Providence, Rhode Island - January 29, 2003 - Textron Inc. (NYSE: TXT) today announced the formation of an Independent Advisory Panel to advise on safety, quality and compliance systems and processes at its Lycoming business unit. The panel of aviation experts will be led by Michael J. Dreikorn, a former Federal Aviation Administration (FAA) official and aerospace industry executive. The creation of the Panel is part of a broad-based program to address component reliability issues and recalls that affected certain Lycoming engines. Lycoming is the leading manufacturer of piston engines for general aviation aircraft.

"Safety is paramount, and we want experienced, world-class experts to bring an objective and critical perspective to our ongoing efforts to further ensure the integrity of our product and processes," said Textron Chief Operating Officer Steve Loranger.

Dreikorn is president of The IPL Group, LLC, a consulting firm with expertise in aerospace management systems, and was formerly vice president of quality assurance and product integrity at engine maker Pratt & Whitney. He is the former deputy division manager of the Production and Airworthiness Division of the FAA, with multiple FAA certificates and author of "ISO 9000 and the Federal Aviation Regulations." Other members of the panel will be announced shortly.

The panel will review and advise Textron and Lycoming on the long-term plan to address Lycoming's systems and processes relating to quality, safety and compliance. At key milestones in the plan, the panel will assess Lycoming's progress and make recommendations for improvement.

"Lycoming has a broad-based continuous improvement plan in place. We are implementing industry-leading quality and safety systems which will further enhance the strong reputation of Lycoming engines," said Richard Millman, executive-in-charge of Lycoming.

Lycoming is an operating division of Avco Corporation, a Textron subsidiary. Textron Inc. is an $11 billion multi-industry company with 49,000 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 and 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.