Textron Agrees to Sell DIY Fastener Operation to Fastenal Company

    PROVIDENCE, R.I.--Aug. 14, 2001--In another move to support its new portfolio strategy, Textron Inc. announced today that it has signed a definitive agreement for the sale of its DIY (Do-It-Yourself) retail fastener distribution business to the Fastenal Company . DIY supplies fastening hardware, picture and mirror hanging hardware and accessories to the do-it-yourself retail market. DIY is a unit of Textron Fastening Systems Commercial Solutions Group. Terms of the transaction were not disclosed
    "Textron is reconfiguring its portfolio and divesting non-core assets as we transform into a network of powerful businesses and brands. DIY is the only retail consumer-focused business in the Textron Fastening Systems portfolio and as such required competencies that are not core to our Fastening Segment," said Textron Chairman and CEO Lewis Campbell.
    With current annual sales exceeding $40 million, the DIY operation has approximately 300 employees and facilities in Rockford, IL and Nashville, TN. The sale is expected to close by the end of the third quarter.
    The Fastenal Company of Winona, MN is a leading distributor of fasteners and related industrial products in North America. The Company had sales of approximately $750 million in 2000. More information is available by visiting the company's web site at http://www.fastenal.com