Ray,
BCAM, and its news today.....see any connection here? TXT mighty big alliances....http://biz.yahoo.com/prnews/980528/ny_bcam_te_1.html
Sandra
Thursday May 28, 9:28 am Eastern Time
Company Press Release
Textron to Acquire German Fastener Company
Adds Capacity and New Products
PROVIDENCE, R.I.--(BUSINESS WIRE)--May 28, 1998--Textron Inc. today announced it will acquire Peiner
Umformtechnik GmbH, a Germany-based fastener company with sales of approximately $50 million (DM95 million). Terms
were not disclosed.
Peiner manufactures large-diameter, cold-formed and hot-forged bolts and nuts for large truck, heavy industrial and
construction customers, such as Mercedes Group, Motoren Werke and John Deere.
''Peiner adds a strong product line, new customers and additional manufacturing capacity to Textron Fastening Systems
(TFS),'' said Herb Henkel, President of Textron Industrial Products.
The acquisition is consistent with Textron's strategy of acquiring businesses that leverage existing manufacturing and distribution
strengths, and support international growth by adding new technologies, customers and product lines. The company will be
''bolted on'' to TFS Germany.
The acquisition of Peiner further demonstrates Textron's commitment to its European growth strategy. In March, Textron
acquired Sukosim Verbindungselemente Group, a $53 million (DM 95.4 million), Germany-based maker of fastening systems
and components for European automotive and construction industries.
Peiner is an ISO 9001 certified company that employs approximately 430 people at its two facilities in Germany. The sale is
expected to close on May 31, 1998.
With annualized worldwide revenues exceeding $1.8 billion, Textron Fastening Systems is the global leader in engineered
fastening systems and assemblies serving the automotive, industrial, consumer, construction, aerospace, and inventory
management industries. TFS is comprised of UK-based Avdel Textron, France-based Textron Industries S.A and
Germany-based Textron Verbindungstechnik; along with US-based Textron Aerospace Fasteners, Camcar Textron, Elco
Textron, Ring Screw Textron and Textron Logistics Company. TFS is part of Textron's Industrial segment.
Textron Inc. (NYSE:TXT - news) is a $10.5 billion, global, multi-industry company with market leading operations in Aircraft,
Automotive, Industrial and Finance.
Contact:
Textron Inc.
Investor Contact |
