« High of 82, potential flooding in Mass. and N.H. | Today | Chafee to tour proposed wind farm site »

June 1, 2006

Textron sells its fasteners business for $630 million

Textron today announced that it had reached an agreement to sell its Troy, Mich. fasteners division for $630 million.

The division, with nearly 9,000 employees and customers in about 150 companies, accounted for $1.8 billion of revenues for Textron -- roughly 18 percent of Textron's total.

The buyer is Platinum Equity, a California-based company that specializes in mergers and aquisitions. Founded in 1995, Platinum reports that it has acquired more than 60 companies with $13 billion in aggregate annual revenues.

"Everyone will benefit from our smooth transition process and our long-term plans to build this business,'' said Tom Gores, chairman and CEO of Platinum.

Textron Fastening Systems makes a range of fasteners for the aerospace, automotive, construction and other industries.

The two companies expect the deal to close during the third quarter.

Posted by Jack Perry  at 8:55 AM | Permalink

Comments

Post a comment

Please be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish.

Name:

Email Address:

URL:
Remember Me? YesNo

Comments: (you may use HTML tags for style)