Full Description

Textron Inc. is a multi-industry company with a global network of aircraft, defense, industrial and finance businesses to provide customers with solutions and services around the globe. The Company operates its business through five operating segments. Four of the Company’s operating segments represent its manufacturing businesses: Cessna, Bell, Textron Systems and Industrial. The fifth segment consists of its Finance business. Cessna has four major product lines: Citation business jets, Caravan single engine turboprops, Cessna single engine piston aircraft and aftermarket services. Textron Systems provides products to the defense, aerospace and general aviation markets. The Industrial segment includes the Company’s Kautex, Greenlee, E-Z-GO and Jacobsen businesses. Finance segment consists of Textron Financial Corporation, a diversified commercial finance company. In April 2009, the Company completed the sale of HR Textron, an operating unit within its Textron Systems segment, to Woodward Governor Company.

Cessna Segment

Cessna Aircraft Company is a manufacturer of general aviation aircraft. Revenues in the Cessna segment accounted for approximately 40% of the Company’s total revenues, during the fiscal year ended January 3, 2009 (fiscal 2009). The family of business jets produced by Cessna includes the Mustang, Citation CJ1+, Citation CJ2+, Citation CJ3, Citation CJ4, Citation Encore+, Citation XLS+, Citation Sovereign and Citation X. The Cessna Caravan is a utility turboprop. Caravans are offered in four models: the Grand Caravan, the Super Cargomaster, the Caravan 675 and the Caravan Amphibian. Caravans are used in the United States primarily for overnight express package shipments and for personal transportation. International uses of Caravans include humanitarian flights, tourism and freight transport. Cessna offers nine models in its single engine piston product line, which include the four-place Skyhawk, Skyhawk SP, Skylane, Turbo Skylane, Cessna 350 Corvalis, Cessna 400 Corvalis, six-place Stationair, Turbo Stationair and the two-place Model 162 SkyCatcher.

The Citation family of aircraft is supported by 10 Citation Service Centers owned or operated by Cessna, along with authorized independent service stations and centers located in more than 22 countries throughout the world. Cessna-owned Service Centers provide customers with 24-hour service and maintenance. Cessna also provides around-the-clock parts support for Citation aircraft. Cessna Caravan and single engine piston customers receive product support through independently owned service stations and around-the-clock parts support through Cessna.

Cessna markets its products worldwide primarily through its own sales force, as well as through a network of authorized independent sales representatives, depending upon the product line. Cessna operates a business jet fractional ownership business through a joint venture called CitationShares. Cessna’s ownership interest in CitationShares is 90%. This business offers shares of Citation aircraft for operation throughout the contiguous United States and in Canada, Mexico, Central America, the Caribbean and Bermuda. CitationShares also has a limited advance purchase jet aircraft charter product called the Vector Jetcard.

Bell Segment

Bell Helicopter is a supplier of helicopters, tiltrotor aircraft, and helicopter-related spare parts and services. Bell Helicopter manufactures for both military and commercial applications. Revenues for Bell Helicopter accounted for approximately 20% of the Company’s total revenues during fiscal 2009. Bell Helicopter supplies advanced military helicopters and support to the United States Government and to military customers outside the United States Bell Helicopter is a supplier of helicopters to the United States Government and, in association with The Boeing Company, the a supplier of military tiltrotor aircraft. Bell Helicopter’s major United States Government programs are the V-22 tiltrotor aircraft and the H-1 helicopters.

Bell Helicopter is teamed with The Boeing Company to develop, produce and support the V-22 Osprey tiltrotor aircraft for the United States Department of Defense. Tiltrotor aircraft are designed to provide the benefits of both helicopters and fixed-wing aircraft. The United States Government has issued contracts for 285 production V-22 aircraft through production Lot 16, of which 98 have been delivered as of the end of 2008. The United States Government’s program of record for the V-22 calls for a total of 458 production units.

The United States Marine Corps H-1 helicopter program includes a utility model and an advanced attack model the AH-1Z and UH-1Y, respectively, both of which were designed to have 84% parts commonality between them. Bell Helicopter is also a supplier of commercially certified helicopters and support to corporate, offshore petroleum exploration and development, utility, charter, police, fire, rescue and emergency medical helicopter operators. Bell Helicopter produces a variety of commercial aircraft types, including light single and twin engine helicopters and medium twin engine helicopters, along with other related products. The commercial helicopters offered by Bell include the 206, 407 and 412.

Bell Helicopter’s Customer Support and Service division provides post-sale service and support to its customers for its installed base of approximately 13,000 helicopters and tiltrotors through a network of four Bell-owned service centers, over 140 independent service centers and six parts distribution centers that are located throughout the world. Collectively, these service centers offer logistics support, including parts, support equipment, technical data, training devices, pilot and maintenance training, component repairs, engine repair and overhaul, aircraft modifications, post-sale customizing, accessory manufacturing, contractor maintenance, field service and product support engineering.

Textron Systems Segment

Textron Systems is a supplier to the defense, aerospace and general aviation markets, providing approximately 15% of Textron’s revenues in fiscal 2009. Textron Systems manufactures unmanned systems, precision weapons, airborne and ground-based surveillance systems, sophisticated intelligence and situational awareness software, armored vehicles and turrets, reciprocating piston aircraft engines, and aircraft and missile control actuators, valves and related components. While Textron Systems sells most of its products to United States customers, it also sells certain products to customers outside the United States through sales representatives and distributors located in various global locations. As of January 3, 2009, Textron Systems included seven operating units: AAI Corporation (AAI), HR Textron, Lycoming Engines, Overwatch Geospatial Systems, Overwatch Tactical Operations, Textron Defense Systems and Textron Marine & Land Systems.

Intelligent aerospace and defense systems provided by Textron Systems, through AAI, include: tactical unmanned aircraft systems (UAS), training and simulation systems, automated aircraft test and maintenance equipment, armament systems, aviation ground support equipment, countersniper detection systems, logistical and engineering and supply chain services. Textron Systems, through Textron Defense Systems, is also a tier-one supplier of unattended ground sensors and intelligent munitions systems for the United States Army’s Future Combat System. Textron Systems also is the United States Air Force’s prime contractor for the Sensor Fuzed Weapon and, through its HR Textron operating unit, is a subcontractor to The Boeing Company for tail actuation systems on the Joint Direct Attack Munition and the next generation Small Diameter Bomb. Textron Systems, through Textron Marine & Land Systems, has produced and delivered approximately 1,875 armored security vehicles (ASV) for the United States Army.

Industrial Segment

Kautex is a developer and manufacturer of blow-molded fuel systems for cars, light trucks, all-terrain vehicles and watercraft, and windshield and headlamp washer systems, as well as selective catalytic reduction systems used to reduce emissions from diesel engines. In addition to fuel systems and washer systems, Kautex produces in North America metal fuel fillers and engine camshafts for the automotive market. Revenues of Kautex accounted for approximately 12% of its total revenues in fiscal 2009. Kautex operates plants near its major customers all around the world.

Greenlee designs and manufactures powered equipment, electrical test and measurement instruments, hand and hydraulic powered tools, and electrical and fiber optic connectors under the Greenlee, Fairmont, Klauke, Paladin Tools, Progressive and Tempo brand names. The products principally are used in the electrical construction and maintenance, telecommunications, data communications, wiring and plumbing industries. Greenlee distributes its products through a global network of sales representatives and distributors and sells its products directly to home improvement retailers and original equipment manufacturers. Through a joint venture, Greenlee also sells hand and powered tools for the plumbing and mechanical industries in North America.

E-Z-GO designs and manufactures and sells golf cars and off-road utility vehicles powered by electric and internal combustion engines under the E-Z-GO name, as well as multipurpose utility vehicles under the E-Z-GO and Cushman brand names. E-Z-GO’s commercial customers consist primarily of golf courses, resort communities and municipalities, as well as commercial and industrial users such as airports, college campuses and factories. E-Z-GO’s golf cars and utility vehicles also are sold in the consumer market. Sales are made through a network of distributors and directly to end users. Jacobsen designs and manufactures professional turf-maintenance equipment and specialized turf-care vehicles. Major brand names include Ransomes, Jacobsen and Cushman. Jacobsen’s commercial customers consist primarily of golf courses, resort communities, sporting venues and municipalities. Sales are made through a network of distributors and dealers.

Finance Segment

Textron Financial Corporation operates in six divisions. Asset-based lending, Aviation Finance, Distribution Finance, Golf Finance, Resort Finance and Structured Capital. Aviation finance provides financing for new and used Cessna business jets, single engine turboprops, piston-engine airplanes, Bell helicopters and the Golf Finance division, which provides term financing for E-Z-GO golf cars and Jacobsen turf-care equipment. The Company’s Finance segment’s services are offered primarily in North America.