PROVIDENCE, R.I.–(BUSINESS WIRE)– Textron Inc. (NYSE: TXT) today announced that it is reviewing strategic alternatives for its Kautex business unit, which produces fuel systems and other functional components. Textron plans to consider a range of options, including a sale, tax-free spin-off or other transaction. Kautex operates over 30 plants in 14 countries and generated over $2.3 billion in revenue in 2018.
Kautex, headquartered in Bonn, Germany, is a leading developer and manufacturer of blow-molded plastic fuel systems and advanced fuel systems for cars and light trucks, including pressurized fuel tanks for hybrid applications. The unit also develops and manufactures camera/sensor cleaning solutions for automobiles, selective catalytic reduction systems used to reduce emissions from diesel engines as well as produces cast iron engine camshafts, crankshafts and other engine components.
“Kautex is a leading Tier One supplier to global OEMs. It has a long history of product innovation, world-class operations and strong financial performance,” said Scott C. Donnelly, Textron Chairman and Chief Executive Officer. “We are exploring strategic alternatives to see how we can position Kautex to best serve its customers for ongoing success while simultaneously unlocking potential value for our shareholders.”
No decision has been made and there can be no assurance that the process will result in any transaction being announced or completed in the future. The Company has not set a definitive timetable for completion of its review of strategic alternatives and does not intend to make any further announcements related to its review unless and until its Board of Directors has approved a specific transaction or the Company otherwise determines that further disclosure is appropriate.
Textron has retained Goldman Sachs & Co. LLC as financial advisor to assist in its review.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Simulation + Training. For more information visit: www.textron.com
(Reuters) – Ten people were killed on Sunday when their private turboprop airplane crashed into a hangar during takeoff and burst into flames at the municipal airport in Addison, Texas, outside Dallas, an airport official said.
The twin-engine Beechcraft BE-350 King Air was destroyed by fire from the crash, according to Darci Neuzil, deputy director of Addison Airport, a general aviation facility located about 10 miles (17 km) north of downtown Dallas.
She said the plane had been headed for Florida when it took off at about 9 a.m. local time. Nobody on the ground was reported hurt, Neuzil added.
The plane had just lifted off the runway at the south end of the airport when it veered left, dropped its left wing and slammed into the hangar, the Dallas Morning News reported online, citing Addison fire department spokesman Edward Martelle.
There were no survivors among the 10 people who were aboard the aircraft, Neuzil said. Their identities were being kept confidential as authorities worked to notify next of kin.
“It’s a very sad day for Dallas County,” a local judge, Clay Jenkins, told the Dallas Morning News, which reported the plane had been en route to St. Petersburg, Florida. “My prayers are with the families we’re notifying about this tragedy.”
There was no official word on the cause of the crash. CBS News, citing unnamed sources, reported that the plane lost an engine on takeoff.
Video footage of the immediate aftermath showed flames and heavy, dark smoke billowing from the hangar, which according to local media was unoccupied at the time. Still photos posted online also showed a large gash in the side of the building.
Investigators from the U.S. National Transportation Safety Board were due to arrive on the scene later in the day, Neuzil told Reuters.
No further details about the circumstances of the crash were immediately available, Neuzil said.
Reporting by Steve Gorman in Los Angeles and Daniel Wallis in New York; Editing by Sandra Maler
PROVIDENCE, R.I.–(BUSINESS WIRE)– Bell, Textron Aviation Inc., Textron Aviation Defense LLC, Textron Systems, TRU Simulation + Training and Textron Airborne Solutions, all businesses of Textron Inc. (NYSE: TXT), have announced their plans for the Paris Air Show—the largest aerospace event in the world—which will be held June 17-23 at the Exhibition Center of Le Bourget. Textron will be displaying in Textron Pavilion A2.
“Our exhibit demonstrates a deep and diverse lineup of commercial and military aircraft, unmanned systems and simulation and training solutions,” says Textron’s Chairman and CEO Scott Donnelly. “We’re excited to show Paris Air Show attendees how focused we’ve been on delivering new levels of innovation and performance.”
Bell
Since the company’s beginning in 1935, Bell has set the pace for the helicopter industry, expanding the scope of vertical lift. Bell was the first to obtain commercial certification for a helicopter nearly 60 years ago – and since then, has delivered thousands of innovative aircraft to customers around the world. When it comes to developing the world’s first air taxi or producing life-saving commercial and military aircraft, Bell has the innovative minds and the relentless drive to revolutionize search and rescue operations, business travel and vertical takeoff and lift. And we are just getting started.
Discover these next-generation aircraft on static display during Paris Air Show this year:
The Bell 505 Jet Ranger X light single engine helicopter is the ideal military trainer aircraft and offers incredible value unlike any other helicopter in its class. With more than 150 delivered around the world, it is designed to be easier and safer to fly thanks to its superior standard equipment and state-of-the-art Garmin 1000H TM glass cockpit.
With over 330,000 hours on the global fleet, the Bell 429 is designed with the future in mind, enhancing occupant safety, with the adaptability to remain at the forefront as mission requirements evolve. The Bell 429 has been chosen by police forces, air medical teams and militaries around the world for time-sensitive missions.
The Bell 525 Relentless full-scale mock-up outfitted with Mecaer Aviation’s luxurious MAGnificent interior will be on static display this year. The aircraft offers customers a general leap forward, bringing new technological advances designed to benefit operators and increase safety standards of the industry. The 525 is expected to be the first commercial aircraft certified with Fly-By-Wire technology which greatly increases safety through reduced pilot workload and enhanced situational awareness.
Textron Aviation
Textron Aviation and Textron Aviation Defense—a subsidiary of Textron Aviation Inc.—will be showcasing their defense and special mission capabilities at the Paris Air Show, featuring static displays of the highly advanced Beechcraft AT-6 Wolverine, a flight inspection-configured Cessna Citation Latitude, an ISR-configured Beechcraft King Air 350i and a Cessna Grand Caravan EX equipped with an array of radars and sensors.
The Beechcraft AT-6 Wolverine is the world’s most cost-effective turboprop approach to light attack and armed reconnaissance, equipping the warfighter with the greatest level of mission configurability, the most advanced ISR technology, an optimized battlespace networking capability and the unwavering mission support of a global service network. The AT-6 Wolverine meets the full spectrum of U.S. Air Force Light Attack Aircraft (LAA) Integrated Weapon System (IWS) requirements.
Textron Aviation has engineered and designed innovative interior and avionics options that optimize the Latitude for installations of Flight Inspection systems and has enabled a more cost-effective and rapid installation for its customers. The Latitude’s flight inspection systems have been outfitted with the latest technology in en-route and terminal navigation aids while the aircraft features an extended range of border-to-border flight calibration, the payload capacity for extensive onboard test equipment and a dual flight inspection and executive transportation configuration.
The Beechcraft King Air 350i surpasses its predecessor’s high-caliber performance with more payload capability and range and delivers a quieter interior with standard Wi-Fi and Pro Line Fusion™ avionics with full touch-screen simplicity. The King Air is the world’s most popular business turboprop aircraft—a title sustained over five decades of continuous enhancement.
The freedom to configure the Cessna Grand Caravan EX to meet changing demands empowers operators to meet diverse surveillance mission requirements. External mounting provisions enable use of advanced electro optical/infrared (EO/IR) systems that transmit imaging to cabin mission computers and available cockpit repeaters. Intelligence is shared in real time via tactical radio and satellite downlink.
