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Textron Selected by Fortune Magazine as a Global Most Admired

14 October 1999

Textron Selected by Fortune Magazine as a Global Most Admired; Honor Recognizes Textron for Innovation, Management Quality and Financial Performance

    PROVIDENCE, R.I.--Oct. 14, 1999--For the second consecutive year, Textron Inc. has been selected by Fortune magazine as among the "Global Most Admired Companies" in its industry rankings.
    Candidates for the "Global Most Admired Companies" were selected by senior executives and outside board members of companies in relevant industries, as well as Wall Street analysts who cover these industries. The selection was based upon criteria such as innovation, management quality and financial performance.
    "We are proud to be included again as a "Global Most Admired" by Fortune. Textron is focused on its vision of being among the world's best managed companies, delivering breakthrough technologies and innovative thinking that create significant value for our customers and shareholders worldwide," said Textron Chairman and Chief Executive Officer Lewis B. Campbell.
    A number of key market-leading technologies have recently been introduced by Textron.
    At a recent Pentagon event, the U.S. Marine Corps demonstrated the first production V-22 Osprey tiltrotor aircraft, jointly developed and manufactured by Bell Helicopter Textron and the Boeing Company. With its rotors in the vertical position the revolutionary V-22 can takeoff, hover and land like a helicopter. By tilting its rotors to the horizontal position the V-22 can fly with the high speed and range of a turboprop airplane. Tiltrotor technology was strongly endorsed at the event by U.S. Secretary of Defense William Cohen. "It's going to change the way in which we approach everything . . . The V-22 is going to cut our (the U.S. military) response time from weeks down to days," said Cohen.
    Textron's Aircraft segment also boasts the fastest business jet in the world, the Cessna Citation X, flying at .92 Mach (over 600 mph) - nearly the speed of sound. Both the V-22 tiltrotor and the Citation X are recipients of the aircraft industry's most prestigious award, the Collier Trophy.
    "Industry-changing technologies and the management expertise in bringing these technologies to market are a common thread in all of our businesses," said Campbell.
    Textron's Automotive segment holds proprietary technologies in a range of applications, including seat comfort systems, plastic fuel tank technology and materials used for instrument panels and automotive cockpit systems. These breakthrough technologies and quality products have been recognized by more than 50 awards from automotive manufacturers in North America, Europe and Asia. Most recently, Textron was honored by General Motors as a "Supplier of the Year" for instrument panels and by Volkswagen's "Corporate Supplier Award - Leading Edge" for outstanding quality, innovation, flexibility, service and competitiveness in the area of plastic fuel tanks manufactured by its Kautex Textron division. Textron Automotive also received the "Quest for Excellence Award" from Automotive Industries magazine for its work in the area of both exterior and interior trim products. The award is the only industry-wide quality recognition program.
    In Textron's Industrial segment, Textron Systems recently developed an important advancement in grain analysis technology. Using its expertise in intelligent control systems for the defense industry, Textron developed a revolutionary new grain monitor for agricultural markets. Textron Systems' infrared sensor system is incorporated into a combine built by Case Corporation, creating a device that will allow farmers around the world to measure protein and other constituents in corn, soybean and wheat grains in real-time as they are being harvested. The system allows for a more accurate valuation of grain quality, helping farmers get a better price for their crops.
    In Commercial Finance, Textron Financial Corporation has introduced proprietary systems that allow for smarter, faster, and more-efficient financing from loan origination to ongoing loan servicing. The company's Floorplan Finance unit has developed a system called MainLink(TM) to allow manufacturers and product distributors to regularly monitor their account activity.
    Textron has an established track record of solid financial performance. It has achieved nearly ten years of consecutive quarterly income improvement, and an annual average return to shareholders of approximately 24% over the past decade, outpacing the S&P 500 index. Since 1992, the company's core revenues have grown at an average annual rate of 14% through the combination of organic growth and the acquisition of 43 businesses that add complementary capabilities and technologies to its operations.
    Textron Inc. is a $11 billion, global, multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial and Finance. Textron has a workforce of over 65,000 employees and major manufacturing facilities in 27 countries. Additional information is available at www.textron.com.