Textron Sells Interest in Automotive Joint Venture to Collins & Aikman

    PROVIDENCE, R.I.--Jan. 21, 2003--Textron Inc. today announced that it has sold its 50% interest in an Italian automotive joint venture to Collins & Aikman . Terms were not disclosed, however the transaction will result in an after-tax gain of $12 million in the first quarter of 2003 for Textron. The joint venture produces interior and exterior automotive trim and components.
    The sale is part of Textron's strategy to divest non-core assets to create a simpler, more focused network of strong businesses in attractive industries. In 2001, Textron sold its Automotive Trim business to Collins & Aikman.

    Textron Inc. is a $12 billion multi-industry company with more than 51,000 employees in 40 countries. The company leverages its global network of businesses to provide customers with innovative solutions and services in industries such as aircraft, fastening systems, industrial products and components and finance. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft, Kautex, Lycoming, E-Z-GO and Greenlee, among others. More information is available at www.textron.com.