|
Providence, RI –
December 18, 2007. – Textron
Inc. (NYSE: TXT) announced today that it has completed its
acquisition of United Industrial Corporation ("UIC")
pursuant to the merger of an indirect wholly owned subsidiary
of Textron with UIC. UIC, as the surviving corporation of
the merger, is now an indirect wholly owned subsidiary of
Textron.
Textron had previously announced the acquisition
of control of UIC pursuant to a cash tender offer. In connection
with the merger, all remaining outstanding shares of common
stock of UIC (other than those as to which holders properly
exercise appraisal rights, if any) were converted into the
right to receive the same $81.00 cash per share, without interest,
that was paid in the tender offer.
With this transaction, Textron adds important
capabilities to its existing aerospace and defense businesses
and advances its strategy to deliver broader and more integrated
solutions to its customers.
Headquartered in Hunt Valley, Maryland, UIC
operates through its wholly-owned subsidiary, AAI Corporation.
AAI, a leading provider of intelligent aerospace and defense
systems and services including unmanned aircraft and ground
control stations, services and logistics support, aircraft
and satellite test equipment, training systems and counter-sniper
devices, will become part of Textron's Bell segment, with
the majority of the business operating within Textron Systems
Corporation. The AAI and Textron Systems combination furthers
growth opportunities and capabilities to better serve government,
military and homeland security customers.
About Textron Systems
Textron Systems provides innovative technology
solutions to meet the needs of the global aerospace and defense
industries. The company supports military precision engagement
and dominant maneuver with strike weapons, mobility and surveillance
systems. The Textron name is well known in the areas of advanced
weapons, surveillance systems, aircraft control components,
specialty marine craft and armored vehicles. Textron Systems
Corporation ("Textron Systems") is a wholly-owned
subsidiary of Avco Corporation. Avco Corporation is wholly-owned
subsidiary of Textron Inc. More information is available at
www.systems.textron.com.
About Textron
Textron Inc. is a $10 billion multi-industry
company operating in 33 countries with approximately 37,000
employees in continuing operations. The company leverages
its global network of aircraft, 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 Helicopter, Cessna Aircraft, Jacobsen, Kautex,
Lycoming, E-Z-GO and Greenlee, among others. More information
is available at www.textron.com.
Media Contact:
Karen Gordon Quintal
Textron Corporate Media Relations
Textron Inc.
PR@textron.com
Tel. (401) 457-2362
Fax (401) 457-3598
|
