Textron has plans to boost its liquidity by at least $1 billion in the first half of this year and, if successful, the company “won’t have to think about selling any of our core assets,” according to chairman and CEO Lewis Campbell. The Providence, R.I.-based company has already divested itself of a lesser, unidentified asset and is in the process of exiting its finance business. Campbell said Cessna Aircraft has experienced “unparalleled order cancellations and deferrals” and as a result has had to curtail some of its capital and development spending to protect cash flow. On the other hand, he described Bell Helicopter as “a success story by any measure,” and said there is no “for-sale sign on the front door.” However, Bell might be one of two big Textron assets up for sale in 2010 if the current strategy to stem losses is unsuccessful.
Textron Seeks To Avoid Sale of Cessna, Bell
- February 27, 2009, 11:46 AM