Textron
| File:Textron logo.svg Logo of Textron Inc. | |
| Company type | Public |
|---|---|
| Industry | Aerospace, Automotive, Defense, Industrial Conglomerate |
| Predecessor | Special Yarns Company |
| Founded | 1 January 1923 in Boston, Massachusetts, United States |
| Founder | Royal Little |
| Headquarters | Providence, Rhode Island , United States |
Area served | Worldwide (25 countries) |
Key people | Scott C. Donnelly (CEO) |
| Products | Aircraft, helicopters, engines, defense systems, industrial vehicles, automotive components |
| Revenue | US$13.7 billion (2024) |
Number of employees | 34,000 (2024) |
| Website | www |
Textron Inc. is a prominent American industrial conglomerate based in Providence, Rhode Island. Established in 1923 by businessman Royal Little under the name Special Yarns Company, Textron has transformed into a multifaceted corporation with notable subsidiaries such as Arctic Cat, Bell Textron, Kautex, and Textron Aviation—which incorporates the Beechcraft and Cessna brands—alongside Lycoming Engines.
Employing roughly 34,000 individuals across 25 nations, Textron is active in sectors including aerospace, automotive, and defense. The company generated revenues of US$13.7 billion in 2024, driven by a diverse range of products and services. In 2021, Textron held the 265th position on the Fortune 500 list, underscoring its substantial market presence and influence within its industries.
Subsidiaries like Bell Textron and Textron Aviation play a crucial role in maintaining the company's competitive edge in the global aerospace arena. Leadership under CEO Scott C. Donnelly continues to foster growth and innovation throughout the organization.
Early history
Textron’s origins date back to 1923 when 27-year-old entrepreneur Royal Little founded the Special Yarns Corporation in Boston, Massachusetts, initially focusing on synthetic yarn production. By the time of World War II, operating as Atlantic Rayon Corporation, the company had shifted its focus to manufacturing parachutes. After the war, it broadened its product range to include civilian goods and adopted the name Textron, a combination of "Tex" from textiles and "tron" referencing synthetic fibers like "Lustron." The company went public on the NYSE in 1947.
In 1953, Royal Little launched Textron’s diversification approach by acquiring Burkart Manufacturing Company, which produced upholstery filling for automobiles. This was followed by purchases of Dalmo-Victor (which specialized in airborne radar antennas) and MB Manufacturing Company (an aircraft parts supplier) by early 1954. These acquisitions marked Textron’s transition toward a conglomerate structure. Further expansion occurred in 1960 with the acquisitions of Bell Aerospace and E-Z-Go. The original textile segment was sold to Deering Milliken in 1963.
Leadership changes included CEOs such as G. William Miller (1968–1977), Joseph Collinson (1977–1979), and Robert P. Straetz (1979–1986). Under James Hardymon’s leadership, Textron aggressively expanded through acquisitions, notably acquiring conglomerate Avco for $1.4 billion in 1984. This deal brought subsidiaries like Paul Revere Insurance Company into Textron’s portfolio; however, Textron divested this insurance stake by 1996.
Campbell era
In 1998, James Hardymon appointed Lewis B. Campbell as CEO. Starting in 2000, Campbell led a comprehensive restructuring of the company. Amid economic challenges triggered by the collapse of Internet firms and the September 11 attacks, Textron’s stock price fell to $13 by March 2003. Declining demand for helicopters and aircraft resulted in workforce reductions at Cessna and Bell Textron.
A Wall Street Journal report from 2007 revealed that Campbell’s personal use of a corporate jet cost $494,700, making him the highest-expense CEO regarding jet travel. This expenditure raised concerns among some shareholders about corporate fund usage. During the 2008 recession, Textron shares declined to $10.09, shrinking market capitalization to $3.17 billion. Despite enduring a 75% decrease in company value during his leadership period, Campbell received over $120 million in total compensation, including a $25 million salary in 2008—the largest among conglomerate executives—and sold more than $40 million worth of stock at prices exceeding $60 per share.
Leadership Following Campbell
In December 2009, Scott C. Donnelly assumed the role of CEO. During his tenure, Textron expanded its portfolio by acquiring Mechtronix, based in Montreal, and OPINICUS from Tampa in 2013. These entities were subsequently integrated with AAI Logistics & Technical Services to form TRU Simulation & Training in 2014.
Textron announced on December 26, 2013, its intention to purchase Beechcraft, including the Hawker jet series, for $1.4 billion; the acquisition was finalized in March 2014. To manage these assets, Textron created Textron Aviation, which markets Beechcraft, Cessna, and Hawker as distinct brands.
Between 2013 and 2016, research and development expenditures averaged approximately 4.3% of revenues—totaling $13.78 billion in 2016—with cumulative investments exceeding $2.2 billion. These funds supported the creation of seven aircraft models: Bell 525 Relentless, the tiltrotor Bell V-280 Valor, Cessna Citation Longitude, Cessna Citation Hemisphere, the turboprop Beechcraft Denali, the cargo transporter Cessna SkyCourier, and the support jet Textron Scorpion following certification of the Bell 505 Jet Ranger X.
In March 2022, Textron reached an agreement to acquire Pipistrel, an electric aircraft manufacturer operating out of Italy and Slovenia.
On April 5, 2022, U.S. officials charged the former leader of Xcalibur Aerospace Ltd., a now-defunct London company, with fraud related to a fraudulent $13.8 billion bid to take over Textron. According to statements from the Department of Justice and SEC, Xcalibur did not possess the financial resources or capability to fulfill this tender offer.
Able Aerospace Services
Able Aerospace Services operates as a global aerospace enterprise generating $70 million in revenue and conducting more than 2,800 FAA-certified repairs on aircraft and components annually.
ATAC
Airborne Tactical Advantage Company (ATAC) functions as a government contractor headquartered in Newport News, Virginia.
Arctic Cat
In 2017, Textron acquired Arctic Cat for $247 million. Arctic Cat produces snowmobiles, all-terrain vehicles, and side-by-side vehicles and operates under Textron Specialized Vehicles as a subsidiary.
Bell Textron
Based in Fort Worth, Texas, Bell Textron is a prominent American manufacturer specializing in helicopters and rotorcraft.
E-Z-GO
Textron acquired E-Z-GO in 1960; the company designs and manufactures light transportation vehicles such as electric and gas-powered golf carts, low-speed vehicles, and multipurpose utility vehicles marketed under brands including E-Z-GO, Cushman, and Bad Boy Buggy.
Greenlee
Greenlee Textron is headquartered in Rockford, Illinois, focusing on industrial and electrical tool production. Established in 1862 and acquired by Textron in 1986, Greenlee manufactures wire and cable installation tools for various industries. In 2018, Textron announced intentions to divest Greenlee to Emerson Electric.
Jacobsen
Textron purchased Jacobsen Manufacturing in June 1978 and continued producing Jacobsen-branded garden tractors into the early 1990s. Currently, Jacobsen provides a variety of turf management products including maintenance machinery and vehicles.
Kautex Textron
Kautex Textron supplies plastic fuel systems, selective catalytic reduction systems, and windshield/headlamp washer systems to the automotive industry. In August 2019, Textron considered divesting or spinning off this division to concentrate on segments with higher profit margins.
Textron AirLand
Textron AirLand, LLC represents a collaborative enterprise between Textron Inc. and AirLand Enterprises, focused on the development of the Textron AirLand Scorpion aircraft as an independent project.
Textron Aviation
Established in March 2014, Textron Aviation emerged from the consolidation of Beechcraft and Cessna, preserving the legacy brands of Beechcraft, Cessna, and Hawker.
- The Beechcraft Corporation produces a range of general aviation and military aircraft, including light single-engine planes, twin-engine turboprops, and training aircraft.
- Headquartered in Wichita, Kansas, the Cessna Aircraft Company specializes in general aviation airplanes and became part of Textron Aviation during the 2014 merger.
Textron eAviation
In March 2022, Textron expanded its portfolio by acquiring Slovenian electric aircraft manufacturer Pipistrel for $235 million, leading to the creation of the division Textron eAviation. Pipistrel continues operating under its established brand in Slovenia and Italy. Founder and CEO Ivo Boscarol retains a minority stake and holds the title of Chairman Emeritus. This investment is intended to hasten advancements in electric aircraft design and manufacturing.
Textron Systems
Based in Providence, Rhode Island, Textron Systems is a prominent aerospace and defense segment of Textron, generating $1.7 billion in revenue for the segment in 2012. Its operations focus on cutting-edge defense technology development and production through several specialized business units:
- Support Solutions, Electronic Solutions, Unmanned Systems located in Hunt Valley, Maryland
- Advanced Information Solutions based in Austin, Texas
- Geospatial Solutions operating out of Sterling, Virginia
- Lycoming Engines headquartered in Williamsport, Pennsylvania
- Marine & Land Systems situated in Slidell, Louisiana
- TRU Simulation & Training located in Tampa, Florida
- Weapon & Sensor Systems based in Wilmington, Massachusetts, manufacturing military armaments such as anti-vehicle mines and surveillance devices
This multifaceted structure underpins Textron’s strategic role as a leader in defense innovation and supports its extensive global aerospace and defense operations.