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2006-08-12 News Headlines

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Textron exits Fastening Systems business

Textron announces that it has completed the sale of its Fastening Systems unit to a private equity firm located in California.

Platinum Equity, a global M&A&O® firm, has purchased the Textron Fastening Systems (TFS) business unit, headquartered in Troy, Michigan, U.S.A., one of the world's leading global providers of fastening and assembly solutions, from Textron, Inc., (NYSE: TXT).

Find Information and Suppliers of fastening systems.

Platinum Equity specializes in the merger, acquisition and operation (M&A&O) of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum has acquired more than 60 businesses with more than $12 billion in aggregate revenue at the time of acquisition.

 Find Information about Platinum Equity.

Textron Fastening Systems joining solutions. photo: TFS

TFS offers the broadest selection of joining solutions available from one company. Industries served include the aerospace, automotive, electronics, construction, non-automotive transportation, consumer products, and more.

TFS is the single-source solution for threaded fasteners, blind fastening systems, engineered products, installation tools, automated assembly systems and supply chain services.

Find Information about Textron.

This sale further advances Textron's portfolio strategy, which has included significant divestitures of non-core manufacturing businesses representing more than $4.4 billion in annual revenues and the elimination of $1.4 billion in non-core finance receivables from its Textron Financial unit over the past five years.

Read a recent press release from Textron about - 'Cessna Aircraft unveils Light Sport Aircraft Proof of Concept and Lycoming Engines announces grant at the 2006 AirVenture Oshkosh Air Show.'

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