Textron Inc. is an American conglomerate, headquartered in Providence, Rhode Iceland. The company is listed on the stock index S & P 500.
The origins of Textron go back to the Special Yarns Corporation in Boston, which was founded in 1923 by the then 22 -year-old Royal Little. At the beginning of the Second World War, the company was known as Atlantic Rayon Corporation and won major contracts to parachute production. When the military orders declined in 1943, civilian products were increasingly being produced and the company renamed Textron.
In 1952, Little decided to diversify the business. 1953 bought the company Burkart Manufacturing, a manufacturer of car seat cushions. In the coming years, they purchased Homelite, a chainsaw manufacturer, the auto supplier CWC, which produced camshaft, among other things, as well as several other companies. There were also 1960, the helicopter manufacturer Bell Helicopter and Golf Carts EZ-GO producer. Little joined after retiring, sales had increased to 383 million dollars.
His successor, G. William Miller continued the strategy. In 1963, the last textile company was sold. In the following years, Textron bought, among others the snowmobile manufacturer Polaris and the venture capital firm American Research and Development. Miller came back in 1977 after he had been appointed by Jimmy Carter as President of the Federal Reserve. Later he took over the office of the Secretary of the Treasury, the U.S. Treasury.
1979, the attempt of a hostile takeover of the Textron group by a small holding company. To complicate such attempts in the future, acquired the conglomerate Textron 1985 AVCO, a similar business as Textron itself. The company was now too large for easy acquisition. Since you had borrowed heavily to Textron lost competitiveness and was forced to sell some smaller investments.
In 1989, James Hardymon corporate governance. Under him you bought the 1992 Cessna Aircraft Company, while many non-core owned company parts were repelled. From now on, Textron focused on Aircraft, Aviation equipment and auto subcontractors. The merger of assets created larger group companies, including Textron Automotive Company and Textron Fastening Systems.
In Germany, the company Bauer & Schaurte Karcher belonged (inventor of Allen Systems) from 1996 to 2006 to the Group. In 1998, Textron, the British company David Brown. At this time, sat Textron with 64,000 employees already at 9.68 billion euros.
Today's revenue comes mainly from the aeronautics sector, especially by Bell Helicopter ( helicopter ), Cessna ( aircraft), Lycoming ( aircraft engines ) and avionics manufacturer Textron Systems. There are also some obvious independent companies about how Textron Fastening Systems (now Acument ) Greenlee / Klauke (tools), EZ -GO ( golf courses), Jacobsen ( lawn care ), Kautex ( automotive ) and Cushman, a manufacturer of micro - utility vehicles and golf carts. In addition, Textron manufacturers of cluster munitions.