Textron Announces Plan to Repurchase up to $500 Million of Additional Shares During...

Textron Announces Plan to Repurchase up to $500 Million of Additional Shares During Second Half of 2008

PROVIDENCE, R.I.--(Business Wire)--
Textron Inc. (NYSE: TXT) today announced that, in light of current
market conditions, it is accelerating the pace of its share repurchase
program. The company plans to repurchase up to $500 million of its
common shares during the second half of the year. "Given the strength
we see in our aircraft and defense businesses and our outlook for
strong earnings growth over the next three to five years, we think
this is an excellent opportunity to capture value that we believe is
missing from our shares at current levels," said Lewis B. Campbell,
Textron Chairman, President and CEO.

Textron's Board of Directors approved a 24 million share
repurchase authorization on July 19, 2007, of which approximately 19.2
million shares remain available as of June 30, 2008. During the first
half of 2008, the company repurchased about 3.5 million shares for
approximately $190 million.

About Textron

Textron Inc. is a $13.2 billion multi-industry company operating
in 34 countries with approximately 44,000 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, Fluid & Power, Textron
Systems and Textron Financial Corporation. More information is
available at www.textron.com.

Forward-looking Information:

Certain statements in this release and other oral and written
statements made by us from time to time are forward-looking
statements, including those that discuss strategies, goals, outlook or
other non-historical matters, or project revenues, income, returns or
other financial measures. These forward-looking statements speak only
as of the date on which they are made, and we undertake no obligation
to update or revise any forward-looking statements. These
forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially from those contained in
the statements including the following: (a) changes in worldwide
economic and political conditions that impact demand for our products,
trading prices of our equity securities, interest rates and foreign
exchange rates; (b) the timing of new product launches and
certifications of new aircraft products; (c) the occurrence of
slowdowns or downturns in customer markets in which our products are
sold or supplied or where Textron Financial Corporation offers
financing; (d) changes in aircraft delivery schedules or cancellation
of orders; (e) Textron Financial Corporation's ability to maintain
portfolio credit quality; (f) Textron Financial Corporation's access
to financing, including securitizations, at competitive rates; (g)
uncertainty in estimating contingent liabilities and establishing
reserves to address such contingencies; (h) risks and uncertainties
related to acquisitions and dispositions, including difficulties or
unanticipated expenses in connection with the consummation of
acquisitions or dispositions, the disruption of current plans and
operations, or the failure to achieve anticipated synergies and
opportunities; (i) the efficacy of research and development
investments to develop new products; (j) the launching of significant
new products or programs which could result in unanticipated expenses;
and (k) bankruptcy or other financial problems at major suppliers or
customers that could cause disruptions in our supply chain or
difficulty in collecting amounts owed by such customers.

Further information on risks and uncertainties that may impact
forward-looking statements is discussed under "Risk Factors" in our
most recent Annual Report on Form 10-K.

Textron Inc.
Investor:
Doug Wilburne, 401-457-2288
Bill Pitts, 401-457-2288
or
Media:
Karen Gordon Quintal, 401-457-2362

Copyright Business Wire 2008