Wed, Jul. 8, 6:43 PM
- Lockheed Martin (NYSE:LMT) and Textron (NYSE:TXT) have emerged as final contenders to buy United Technologies' (NYSE:UTX) Sikorsky Aircraft unit, which could be valued at ~$8B, Reuters reports.
- UTX reportedly is weighing offers from the two companies and may come to a decision by the end of the month, but it still could decide against an outright sale and instead spin off Sikorsky to shareholders in a tax-free deal.
- TXT, whose ~$12B market cap is only one fifth the size of LMT's $60B, is said to have reached out to P-E firms to put together a cash bid.
- Boeing (NYSE:BA), which had expressed interest in a potential deal, is no longer active in the sale process, and Airbus (OTCPK:EADSF, OTCPK:EADSY) is not in the running, according to the report.
- UTX +1.5% AH.
Wed, Jun. 10, 2:38 AM
- After receiving several offers, United Technologies' (NYSE:UTX) board of directors is scheduled to meet later this week to review the options for its $8B Sikorsky aircraft business.
- UTC is considering two tax-efficient transactions for Sikorsky: a spin-off or combination with peer Textron (NYSE:TXT).
- Alternatively, Sikorsky may be sold outright to another company. Lockheed Martin (NYSE:LMT), Boeing (NYSE:BA) and Airbus (OTCPK:EADSY) have all expressed interest.
Wed, Jan. 14, 7:36 AM
Dec. 27, 2013, 2:57 AM
- Textron (TXT) has agreed to acquire Beechcraft for $1.4B in a deal that will add the latter's small propeller-driven aircraft to a Textron portfolio that includes Cessna aircraft and Bell helicopters.
- "Terrific product fit," wrote analyst Cai von Rumohr prior to the announcement of the deal. Textron's "Cessna and Beechcraft have complementary product lines, with Cessna focused on bizjets and Beech on turboprops, pistons."
- The deal will also enable Textron to offer more affordable defense products at a time of budget cuts across the globe - one of Beechcraft's main products is the AT-6 trainer.
- Textron intends to finance the deal through cash on hand and as much as $1.1B in new debt.
- The acquisition comes after Beechcraft exited bankruptcy protection in February, having filed for Chapter 11 in May 2012. (PR)
Dec. 20, 2013, 1:25 PM
Oct. 18, 2013, 3:31 AM
- Textron (TXT) is among the companies exploring a bid for planemaker Beechcraft, which is up for sale again and could attract about $1.5B.
- When still known as Hawker Beechcraft, the company filed for bankruptcy in May 2012, after which a potential sale to a Chinese buyer collapsed.
- Textron CEO Scott Donnelly has said in the past that Beechcraft could be a good fit for his company, whose businesses include Cessna Aircraft and Bell Helicopters.
Oct. 10, 2011, 11:34 AM
Sep. 16, 2011, 5:58 PM
Sep. 16, 2011, 10:11 AM
TXT vs. ETF Alternatives
Textron Inc. is a multi-industry company that is engaged in aircraft, defense, industrial and finance businesses to provide its customers products and services. Its business segments include Cessna, Bell, Textron Systems, Industrial and Finance.
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