Textron's 'Action & Results' Highlighted in 2002 Annual Report

    PROVIDENCE, R.I.--March 24, 2003--Textron Inc. today announced the release of its 2002 annual report titled "Textron: Action & Results." The report highlights the continuing implementation of Textron's strategy to transform the company into a networked enterprise of globally strong businesses and powerful brands in attractive industries. It also details how the actions Textron took in 2002 have produced the desired results and are positioning the company for an even stronger future.
    "2002 was a year of action and results for Textron - a year in which we continued to strengthen our businesses, permanently driving out costs while shaping a more customer-focused culture," said Lewis B. Campbell, Textron chairman, president and chief executive officer.
    Highlights from 2002 include the accelerated implementation of Textron Six Sigma (TSS), a proven set of tools and methodologies deployed across the enterprise to improve processes by reducing variability, eliminating waste and developing products and services. Utilizing TSS, Textron's businesses completed more than 100 projects, resulting in improved operating performance and better alignment with customer needs.
    Textron also continued its focus on supply chain management with an emphasis on leveraging and maximizing the company's size and resources. Textron companies share best practices while jointly negotiating to drive down supplier costs and improve customer satisfaction. During 2002, the supply chain initiative also implemented a strategic global sourcing strategy to tap into lower cost, high quality suppliers in Eastern Europe, Asia and South America.
    Other highlights of 2002 include several new, ground-breaking products including one of the aviation industry's most successful business jet introductions. In addition, the company continued its push to innovate, illustrating the ways that Textron men and women are redefining performance in their jobs and the industries they serve.
    "This year's annual report emphasizes that every decision we make is predicated on providing excellent long-term value for our customers, our people and our investors," Campbell added.
    Textron's 2002 Annual report can be viewed online at www.textron.com.
    Textron Inc. is an $11 billion multi-industry company with 49,000 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.