Holding company with
subsidiaries in aircraft, industrial and finance business.
40 Westminster St.
Providence, RI 02903
CEO: Scott Donnelly
Stock Symbol: TXT
Textron is a company involved in a global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. These businesses include: Bell Helicopter, Cessna Aircraft, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee and Textron Systems
Textron has 32,000 employees and operations in 25 countries.
The company's main operating businesses
- Bell - Bell Helicopter is a leader
in the global helicopter industry and the pioneer of tiltrotor
- Cessna - This segment consists
of Cessna Aircraft Company, the leading worldwide manufacturer
of general aviation aircraft, with product lines spanning single-engine
piston aircraft, utility turboprop aircraft and Citation business
jet models. Citation customers have access to a network of 10
company-owned Citation Service Centers.
- Industrial - The Industrial segment
is a diverse collection of high-powered industrial businesses
including Greenlee, E-Z-GO, Jacobsen, Kautex, and the Fluid &
Power group of companies as well as various smaller brands within
the Fluid & Power group.
- Defense and Intelligence - Textron
Systems has been providing innovative solutions to the defense,
homeland security and aerospace communities for over 50 years.
Textron Systems is known for its precision smart weapons, intelligent
battlefield systems, surveillance systems, intelligence software
solutions, aircraft control components, piston engines, armored
vehicles and unmanned aircraft systems.
- Finance - Textron Financial is
a diversified commercial finance company with core operations
in Aviation Finance, Asset-Based Lending, Distribution Finance,
Golf Finance, Resort Finance, and Structured Capital.
In 2011, Textron reported revenues of $11.27 billion and net income of $242 million.
Textron started as a small textile company
in 1923, when 22-year-old Royal Little founded the Special Yarns
Corporation in Boston, Massachusetts. Revenues that first year
were just $75,000.
Textiles boomed during World War II, ushering
in a period of growth and activity for the company, which was
now doing business as Atlantic Rayon Corporation. A major line
of business during the war was parachutes. In 1943, with World
War II government contracts dwindling, Little faced the challenge
of declining revenue and underutilized production capacity. He
developed a vertically integrated company that controlled every
operational aspect from raw goods processing to distribution.
He moved quickly from producing parachutes to making lingerie,
blouses, bed linens and other consumer goods.
This new operation needed a brand name.
Atlantic Rayon's advertising agency suggested "Señorita
Creations," but it was rejected in favor of Textron. The
"Tex" was derived from textiles and the "tron"
came from synthetics such as "Lustron." The theme of
the advertising reflected Little's vision: "From yarn to
you, it's Textron all the way."
Marking a major milestone for the company,
Textron was listed on the New York Stock Exchange on December
22, 1947. By 1949, Textron's sales had reached $67.8 million.
In 1960, the company would purchase Bell
Aerospace and E-Z-GO, maker of golf cars.
Medical and Prescription Drugs - Textron businesses offer a leading-edge consumer-driven
healthcare plan to non-bargained and some bargained employees.
. This plan includes a number of unique features and puts employees
and their families in control of their healthcare choices and
how to spend healthcare dollars. It also encourages them to maintain
good health and spend healthcare dollars wisely.
* Choose any provider without having
to get a referral
* Flexibility to personalize benefits to specific needs
through a choice of three coverage options and a company-funded
Health Reimbursement Account or Health Savings Account..
* A Health Savings Plan (HSA) option to help employees save
for short- and long-term healthcare expenses, which also enjoys
- Textron's businesses offer dental plan options that include
coverage for preventative and diagnostic care, basic and major
restorative care, and orthodontia for eligible children.
- Most Textron businesses offer a vision service plan that covers
annual eye examinations (including corrective lens fitting),
eyeglass frames, eyeglass and contact lenses and discounts on
laser vision corrective services.
Flexible Spending Accounts - Most Textron businesses offer flexible spending
accounts (FSAs), which allow employees to set aside pre-tax dollars
annually through payroll deduction for eligible healthcare and
dependent care expenses.
- Textron businesses provide company-paid life insurance equal
to a percentage of annual base salary. Employees can also purchase
supplemental and dependent insurance at competitive group rates.
- Textron businesses provide company-paid accidental death and
dismemberment insurance equal to a percentage of annual base
salary. Employees can also purchase additional accidental death
and dismemberment insurance at competitive group rates.
Business Travel Accident Insurance - Textron businesses provide its employees with
insurance while traveling on company business equal to a percentage
of annual base salary based on the type of loss incurred.
- Most Textron businesses provide disability benefits to compensate
eligible employees during short- or long-term disabilities. At
some locations, employees may have the opportunity to purchase
voluntary long-term disability benefits.
Retirement Income Benefits
- Most Textron businesses also provide a defined benefit pension
plan to eligible employees to provide income during retirement
Textron Savings Plan (TSP) - 401(k)
Plan - Most Textron businesses
offer the opportunity to enroll in a 401(k) plan where employees
can contribute a percentage of pay on a pre-tax or after-tax
basis via payroll deductions. For eligible employees, Textron
may also make a matching contribution of the pay you save. You
elect your investment allocation from a diversified array of
available fund choices. You become fully vested in Textron's
matching contributions and earnings after five years of Textron
service. New employees are automatically enrolled in the plan
at 3% of pre-tax pay but can disenroll within the first 60 days
of employment or can elect a different contribution rate.
Textron Retirement Program - Most salaried employees are also eligible for
this program where the value of your retirement benefit would
be the greater of a defined contribution retirement account or
a traditional defined benefit formula annuity. At retirement,
the value of the Retirement Account can be taken as a lump sum
or a monthly check. If the value of your Retirement Account is
less than the value of the modified defined benefit pension,
you will receive the difference as a monthly pension.
Holidays and Vacations - Employees enjoy an average of 10 to 12 paid
holidays per year and generous vacation schedules. Specific schedules
vary depending on the business and employee eligibility.
- Each of the Textron businesses has benefits and policies relating
to time to be used for brief personal illness or injury and/or
doctor's office visits, personal business, bereavement, observance
of religious holidays, volunteering, or brief personal family
illness or emergencies. These policies are based on the business
and employee needs as well as employee eligibility.
Leaves of Absence
- Each Textron business has its own Leave of Absence policy.
The availability of the benefits and policies
noted below vary based on the business and employee needs.
Employee Assistance Resource and Referral
Program - Confidential, professional
assistance is available to employees and their family members
to help with a wide range of work, home, personal and family
issues. This company-sponsored benefit provides information,
consultation and referral services in such areas as child and
elder care, educational planning, and counseling services.
Adoption Assistance - Textron businesses provide employees with some
financial assistance to help defray the cost of adoption expenses.
Benefits and policies vary based on the business and employee
Development - Textron businesses
may provide eligible employees with financial assistance to expand
their capabilities and enhance job productivity through a variety
of on-site, off-site and e-learning personal development training
programs and tools. Benefits and policies vary based on the business
and employee needs of each Textron business, as well as eligibility.
Discounted Auto and Home Insurance - Textron provides employees with the opportunity
to purchase discount auto and home insurance through MetLife
and to pay the premiums through payroll deduction.
Discounts on Textron Products - Textron provides employees with the opportunity
to purchase certain discounted Textron products via the internal
employee web portal.
Employee Award and Recognition Programs
- Many of our businesses sponsor service award programs to celebrate
and recognize employees when they reach a significant service
milestone. For further information, contact the Human Resources
office of the relevant business.
Volunteer Services / Employee Recognition
Program - Many Textron businesses
sponsor a variety of volunteer and community-service programs
as well as peer-to-peer and manager-to-employee employee recognition
programs. Textron supports employees' volunteer activities in
local communities and going the "extra mile" in supporting
our customers. For further information, contact the Human Resources
office of the relevant business.
Chairman's Award for Innovation - The Chairman's Award for Innovation recognizes
and rewards Textron employees whose exemplary innovation have
led to significant and measurable improvements in Textron's products,
technology or business practices and contributed directly to
Textron's growth, profitability or competitive position. Awards
are presented annually in two categories: Products & Technology
and Business Practices.
Matching Gift Program - The Matching Gift Program of the Textron Charitable
Trust encourages employees to give their personal financial support
to a mix of cultural, educational, environmental and healthcare
institutions. Contributions by eligible employees to qualifying
organizations will be matched dollar-for-dollar from a minimum
gift of $25 to an aggregate maximum of $7,500 annually. Gifts
must be made directly from the employee's own funds to approved
Textron National Merit Scholarship Program - Textron provides Merit Scholarships, ranging
from $500 to $2,000 to children of employees who apply and meet
the requirements to participate. Scholarship winners are chosen
on a competitive basis by the National Merit Scholarship Corporation
without regard to family financial circumstances.
Updated January 27, 2012