Textron Fastening Systems Sells Majority Interest in Automotive Wire Processing Joint Venture

    PROVIDENCE, R.I.--Jan. 22, 2002--Textron Inc. announced today that it has sold the 60 percent stake Textron Fastening Systems held in its Grand Blanc Processing, LLC wire processing joint venture in Holly, Mich., to its partner, Shinsho American Corporation. Terms of the sale were not disclosed.
    Grand Blanc Processing, LLC was formed in 1995 and had estimated annual sales of about $7.5 million in 2001. The operation anneals, draws, cleans and coats raw wire to prepare it for use in fastener production. The venture primarily supplied Textron Fastening Systems plants and suppliers to Japanese transplant operations in North America with wire used in fasteners for the automobile industry.
    Textron Fastening Systems elected to exit the venture after identifying wire processing as a non-core business activity that no longer provided a competitive advantage to the company's fastening solutions business. This transaction completes the company's exit from wire processing in North America, which began last year with the sale of its Warren Processing Division and the shutdown of its Steel Processing Division, both in Mich.
    This disposition is part of Textron's strategy to gradually divest non-core assets to create a simpler, more focused network of strong businesses in attractive industries. Other recent divestitures include Textron Automotive Trim, Turbine Engine Components Textron, as well as the sale of other non-core product lines including skid-steer loaders, composite material products, carbon products, retail fastener distribution and, fuel control and fuel delivery systems businesses.
    Grand Blanc Processing is expected to be the core processing facility for Shinsho American's primary U.S. business serving the automotive industry.
    Textron Fastening Systems is the leading provider of engineered fasteners, state-of-the-art engineered assemblies and inventory management services. With over 12,000 employees around the world, Textron Fastening Systems supplies products and services to customers in more than 70 countries.

    Textron Inc. (www.textron.com) is a $13 billion, global, multi-industry company with market-leading businesses in Aircraft, Industrial Products, Fastening Systems and Finance. Textron has a workforce of 53,000 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."