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Providence, RI - February
27, 2009 – Textron Inc. (NYSE: TXT) today announced
that it has reached a definitive agreement to sell HR Textron,
an operating unit within its Textron Systems segment to Woodward
Governor Company (NASDAQ: WGOV) for $365 million in an all-cash
transaction.
“This transaction is an excellent value for Textron
and Woodward and is consistent with Textron’s financial
strategy and our defense and intelligence systems strategy
within the Textron Systems segment,” said Lewis B. Campbell,
Textron’s chairman and CEO.
The deal is expected to be completed early in the second
quarter, subject to certain closing conditions and completion
of pending regulatory reviews. The sale is expected to generate
approximately $265 million in net, after-tax cash proceeds.
Including a small gain generated by the transaction, the
sale is expected to reduce 2009 earnings by about $0.05 per
share. HR Textron generated $260 million in revenues in 2008.
About HR Textron
HR Textron is one of the world’s leading suppliers of
mission critical actuation systems and products for aircraft,
guided weapons, armored vehicles and turbine engines. HR Textron
is recognized for hydraulic and electric primary flight control
actuation products supporting the F-35 Joint Strike Fighter,
X-45 unmanned combat air vehicle (UCAV), Joint Direct Attack
Munition (JDAM), and AIM-9-X Sidewinder programs, as well
as a broad range of military and commercial helicopters. HR
Textron also provides turret controls and gun stabilization
systems for the U.S. M1 Abrams Main Battle Tank and other
armored vehicles worldwide; is one of the world’s leading
suppliers of servovalves for critical jet engine controls;
and supplies fuel system components to commercial and military
programs around the world. Where demand is for mission critical
actuation controls and systems, HR Textron brings the experience
and technologies necessary to meet customer requirements for
performance, reliability and value.
About Textron Systems
Textron Systems Corporation has been providing innovative
solutions to the defense, homeland security and aerospace
communities for over 50 years. Known for its precision smart
weapons, intelligent battlefield systems, surveillance systems,
intelligence software solutions, aircraft control components,
piston engines, armored vehicles and unmanned aircraft systems,
Textron Systems includes AAI, HR Textron, Lycoming Engines,
Overwatch Geospatial Systems, Overwatch Tactical Operations,
Textron Defense Systems, and Textron Marine & Land Systems.
Textron Systems Corporation is an indirect wholly owned subsidiary
of Textron Inc.
About Textron
Textron Inc. is a $14.2 billion multi-industry company operating
in 28 countries with approximately 42,000 employees. The company
leverages its global network of aircraft, defense and intelligence,
industrial and finance businesses to provide customers with
innovative solutions and services. Textron is known around
the world for its powerful brands such as Bell Helicopter,
Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO,
Greenlee, Textron Systems and Textron Financial Corporation.
More information is available at www.textron.com.
About Woodward Governor Company
Woodward is an independent designer, manufacturer, and service
provider of energy control and optimization solutions for
commercial and military aircraft, turbines, reciprocating
engines, and electrical power system equipment. The company's
innovative fluid energy, combustion control, electrical energy,
and motion control systems help customers offer cleaner, more
reliable, and more cost-effective equipment. Leading original
equipment manufacturers use our products and services in aerospace,
power and process industries, and transportation. Woodward
is headquartered in Fort Collins, Colo., USA and serves global
markets in aerospace, power and process industries, and transportation.
More information is available at www.woodward.com.
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