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Textron Announces
Streamlined Organization
News Release June 20, 2003 /Providence,
Rhode Island - Continuing its effort to accelerate performance improvements,
increase operational efficiencies and streamline its structure, Textron
Inc. (NYSE:TXT) announced on June 6th several changes to its organization,
including a consolidation of its Industrial Components and Industrial
Products segments. Textron's Chief Operating Officer Steve Loranger will
serve as head of the new combined Industrial segment in addition to his
other operating responsibilities.
"Textron has set aggressive targets to improve its operating performance. By having more of our businesses report directly to me, we are eliminating staff costs while accelerating our communications and decision-making processes," said Loranger. The new structure eliminates two segment president positions and significantly streamlines the staffs previously required to support them. Accordingly, the following Textron business unit executives will now report directly to Loranger as head of the new Industrial Products segment: - Jon Carlson, president of Jacobsen, a leading manufacturer of professional turf maintenance and lawn care equipment, and OmniQuip, a producer of light construction equipment. - John Garrison, president of E-Z-GO, the world's leading producer of vehicles for golf courses resorts, municipalities and industrial facilities such as airports and factories. - Barclay Olson, president of Tools & Components, overseeing the integration of Greenlee and Tempo, producers of installation tools and testing equipment for the electrical and telecommunications markets; and Textron's Fluid and Power businesses, manufacturers of industrial pumps and gears. - Lothar Rosenkranz, president of Kautex, the world's leading producer of automotive plastic fuel systems. Further, to take advantage of technological and market synergies within Textron's aircraft and defense businesses, Textron Systems, a defense systems and aircraft components manufacturer, and Lycoming, maker of aircraft piston engines - both headed by Textron Systems' President Richard Millman -- will report to Bell Helicopter CEO Mike Redenbaugh. Textron Inc. (NYSE: TXT) 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.
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