Textron

Textron Corporation – Benchmarking Performance

Overview

Textron is known around the world for its powerful brands of aircraft, defense and industrial products that provide customers with groundbreaking technologies, innovative solutions and first-class service. 

Company Background

1923 – Textron started as textile company, Special Yarns Corporation located in Boston, Massachusetts, founded by Royal Little.

During World War II, approximately during 1939-1945, operates as Atlantic Rayon Corporation which produces parachutes.

1943 – Move from making parachutes to making lingerie, blouses, bed linens, and other consumer goods under brand name Textron (“Tex” from textiles; “tron” from Lustron)

1947 – Listed on New York Stock Exchange

1949 – Sales reached $67.8 million

1950s – Declining textile demand

– Little’s approval from Board of Directors to diversify the company

– Purchased its first non-textile business Burkart Manufacturing Co. of St. Louis, Missouri

– Followed by Homelite, Camcar, and CWC

1960 – Purchased Bell Aerospace, to increase its government business and added golf cart manufacturer E-Z-GO.

1963 – Sold the textile operation.

During 1960s & 1970s – Acquired consumer business such as Speidel, Sheaffer Pen, Bostich, and Gorham.

– During this period Textron was known as one of the most highly diversified corporation in the U.S.

1985 – Acquired AVCO Corporation of Connecticut, an aviation conglomerate with revenues of $2.9 billion. (cause of nearly doubled in size)

1986 – Acquired Ex-Cell-O, a business with $1.1 billion in annual revenues from the aerospace, defense, automotive and industrial markets.

1992 – Acquired Cessna Aircraft Company, a leader in light and medium-sized commercial business jets. (Cessna balanced Bell’s significant defense-related business activity.)

1994 – Textron’s six automotive businesses were combined into one company, Textron Automotive Company.

1995 – Textron Fastening Systems Inc. (TFS) was...