Textron Systems Acquires MillenWorks

WILMINGTON, Mass.--Textron Systems, a Textron Inc. company, today announced that it has acquired MillenWorks, an internationally recognized innovator in advanced mobility solutions for demanding on-road and off-road applications. Terms of the acquisition were not disclosed. The Tustin, CA-based company with expected 2010 revenues of about $28 million will add strategic capabilities to Textron Marine & Land Systems, an operating unit of Textron Systems, in New Orleans, LA.

“Year after year, MillenWorks has proven its ability to create high performance, mobile and safe vehicles. Behind MillenWorks’ success is a talented team that we look forward to having join our family as we deliver forward-looking but practical solutions that enable our customers to operate in the most demanding environments”

The privately owned MillenWorks, which was founded by off-road racing legend Rod Millen, has designed and produced cutting-edge light tactical, unmanned ground, armored and off-road vehicles and subsystems since 1980. MillenWorks continues to develop new solutions valuable in both military and commercial vehicles, including advanced suspension systems for manned and unmanned applications, hybrid solutions optimized for compact vehicle integration, and weight optimized vehicles. MillenWorks’ solutions scale from highly optimized component design, through advanced electromechanical subsystems, up to fully integrated vehicle systems.

“Year after year, MillenWorks has proven its ability to create high performance, mobile and safe vehicles. Behind MillenWorks’ success is a talented team that we look forward to having join our family as we deliver forward-looking but practical solutions that enable our customers to operate in the most demanding environments,�?? said Tom Walmsley, senior vice president and general manager of Textron Marine & Land Systems.

“Having partnered with Textron Marine & Land Systems in the past, we are confident that this is a good fit for our team. We will have the support needed to continue to increase the capabilities of many types of vehicles, deliver innovative solutions to our customers, and grow our business,�?? concluded Rod Millen, chief executive officer of MillenWorks.

About Textron Marine & Land Systems

Textron Marine & Land Systems specializes in the design, production and support of advanced marine craft, armored combat vehicles, turrets and related subsystems. Textron Marine & Land Systems serves military and commercial customers domestically and internationally, and has products operating in more than 35 countries worldwide. Textron Marine & Land Systems is an operating unit of Textron Systems, a Textron Inc. company. More information is available at www.textronmarineandland.com.

About Textron Systems

Textron Systems Corporation has been providing innovative solutions to the defense, homeland security and aerospace communities for more than 50 years. Known for its unmanned aircraft systems, advanced marine craft, armored vehicles, intelligent battlefield and surveillance systems, intelligence software solutions, precision smart weapons, piston engines, test and training systems, and total life cycle sustainment services, Textron Systems includes AAI Corporation, Lycoming Engines, Overwatch, Textron Defense Systems and Textron Marine & Land Systems. Textron Systems Corporation is an indirect wholly owned subsidiary of Textron Inc. More information is available at www.textronsystems.com.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at www.textron.com.

Forward-looking Information: Certain statements in this press release are forward-looking statements and speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including but not limited to the following: (a) risks and uncertainties related to acquisitions, including difficulties or unanticipated expenses in connection with the consummation of acquisitions, the disruption of current plans and operations, or the failure to achieve anticipated synergies and opportunities; (b) changes in worldwide economic and political conditions that impact demand for our products, interest rates and foreign exchange rates; (c) changing priorities or reductions in the U.S. Government defense budget, including those related to Operation Iraqi Freedom, Operation Enduring Freedom and the Overseas Contingency Operations; (d) changes in national or international funding priorities, U.S. and foreign military budget constraints and determinations, and government policies on the export and import of military and commercial products; (e) the timing of new product launches and certifications of new products; (f) the efficacy of research and development investments to develop new products (g) the launching of significant new products or programs which could result in unanticipated expenses; and (h) performance issues with key suppliers, subcontractors and business partners.