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Textron to Sell Unit to Raise Cash

Textron Incorporated has been struggling of late due to downturns in the business jet market and the cancellation of the RH-70 Armed Reconnaissance Helicopter (ARH) contract that its component, Bell, was developing. Earlier this month Forbes reported that the company was looking at possibly selling portions of itself to keep cash flow going. At that time the discussion was about its finance business, but now CNNMoney.com writes that Textron agreed to sell its aircraft control and fuel management development and manufacturing group, HR Textron. This group will be purchased by Woodward Governor for about $365 million. This is to help that company expand its business in the airframes systems market. As there continue to be changes in the defense budget there will be more fallout among the defense industry. The Nineties saw significant mergers and contractions and that is certainly possible in the future as the U.S. military purchases less-and-less big ticket systems.

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