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| Move
Represents Significant Advancement in Precision Engagement and
Vehicle Systems Capabilities |
Providence, RI.– July 19,
2006 - – In a move
to advance expanded capabilities in the areas of precision
engagement and vehicle system technologies, Textron
Inc. (NYSE: TXT) today announced that its Textron
Systems unit has acquired Innovative Survivability
Technologies, Inc. (IST), a privately-held supplier
of innovative defensive systems to military and homeland
security customers. IST, which had 2005 revenues of
about $7 million, will become part of Textron Systems’
Advanced Solutions Center (ASC) organization, which
develops critical new technologies, leveraging customer
needs and business opportunities across all Textron
Systems operating units. Terms of the transaction
were not disclosed.
Goleta, California-based IST works
with academia, high technology companies and government
laboratories to identify and integrate cutting-edge
technologies in sensors, processors, materials and data
processing to develop state of the art systems and products.
The company specializes in the research and development
of system design, integration and testing – in
order to take concepts rapidly from conception and prototype
testing to demonstration. IST operations will remain
in Goleta.
“This acquisition aligns very
well with our strategy to expand capabilities and broaden
our suite of product offerings to military and homeland
security customers,” said Richard J. Millman, president
of Textron Systems Corporation. “Not only does
IST bring critical applications that will enable us
to further enhance products like our acclaimed Armored
Security Vehicle (ASV), but we now have access to new
products and technological concepts that will allow
us to strengthen our sensor base for precision engagement.”
About Innovative Survivability Technologies
Innovative Survivability Technologies
(IST) provides specialized research, development and
rapid prototyping of complex electronic, optical and
mechanical sensors and countermeasure systems. The IST
name is well-known by the Armed Services for its highly
innovative solutions to threats to both combat vehicles
and personnel. IST is known for its ability to accelerate
development to quickly address these threats and problems.
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.textronsystems.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.
Textron Systems Media
Contact:
Joanne Walsh
978-657-2100
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