Textron Sells OmniQuip's Skid Steer Product Line to Volvo Construction Equipment

    PROVIDENCE, R.I.--Dec. 19, 2001--Textron Inc. announced today that it has sold the skid steer loader product line of its OmniQuip business unit to Volvo Construction Equipment. The transaction includes intellectual property, fixed assets and existing inventory. Terms were not disclosed.
    OmniQuip Textron of Port Washington, Wisconsin produces light construction equipment, including telescopic material handlers, aerial work platforms and compact excavating equipment. The skid steer loader product line includes eight models sold under the SCAT TRAK brand name. The product line, which accounted for approximately 5 percent of OmniQuip's revenue, was not core to OmniQuip's main business.
    Textron Inc. (www.textron.com) is a $13 billion, global, multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial Products, Fastening Systems and Finance. Textron has a workforce of 68,000 employees and major manufacturing facilities in 30 countries. Textron is among Fortune magazine's "Global Most Admired Companies" and Industry Week magazine's "Best Managed Companies."