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Textron Acquires Division of NationsCredit

15 January 1999

Textron Acquires Division of NationsCredit

    PROVIDENCE, R.I.--Jan. 14, 1999--Textron Inc. today announced that it has acquired all of the assets of Business Leasing Group (BLG), a division of NationsCredit Commercial Corporation, which is a subsidiary of BankAmerica. Terms of the transaction were not disclosed.
    BLG's receivables of $184 million will become part of Textron Financial Corporation (TFC), Textron's commercial finance subsidiary which specializes in aircraft, golf and equipment finance and revolving credit arrangements including the financing of Textron products. BLG will be merged into existing TFC businesses, providing additional capacity and enhancements to TFC's existing product lines. BLG specializes in commercial loans under $50,000 with terms ranging from two to six years. Serving over 25 industries, it brings additional geographic and industry diversity to TFC.
    "With its diversified customer base and focus on smaller commercial loans, BLG provides further balance to TFC's larger transactions," said Textron Financial Corporation President Stephen A. Giliotti.
    NationsCredit Commercial Corporation is a part of the new Bank of America formed through the September 30, 1998 merger of NationsBank Corporation and BankAmerica Corporation. BankAmerica Corporation (ticker: BAC) is listed on the New York, Pacific, London and Tokyo stock exchanges.
    Textron Financial Corporation is a diversified commercial finance company with over $3.8 billion in managed receivables and a twenty-year history of consecutive earnings improvement. A subsidiary of Textron Inc., it represents approximately 4% of Textron's total revenues.
    Textron Inc. is a $10 billion, global, multi-industry company with market-leading operations in Aircraft, Automotive, Industrial and Finance.