Textron Acquires ALSTOM Gears; Acquisition Establishes Preferred Supplier Relationship and Enhances Technological Offerings

Textron Inc. (NYSE:TXT) announced today the acquisition of U.K.-based ALSTOM Gears, part of ALSTOM, a leading supplier of components, systems and services to the world's energy and transport infrastructure markets. ALSTOM Gears manufactures and sells a range of gears and gearboxes, including high-speed epicyclic and parallel shaft gearboxes, for the industrial, rail and marine industries. The acquisition will be fully integrated into Textron's Power Transmission Products business, part of the company's Fluid & Power Systems Group. For the fiscal year-ended March 1999, ALSTOM Gear's revenues were approximately $10 million. Terms of the transaction were not disclosed.

"Textron's acquisition of ALSTOM Gears further strengthens our power transmission capabilities, adding a range of technologically advanced gearbox systems to our existing product brands, including David Brown, Cone Drive and Textron Industrial gears," said Textron Fluid & Power Systems President Bob Geckle. "Furthermore, the acquisition establishes a multi-year preferred supplier agreement for Textron with ALSTOM for power transmission products," he added.

With approximately $1 billion in annualized revenues and locations in 23 countries, Textron's Fluid & Power Systems Group is a leading manufacturer of mechanical power transmission, motion control, fluid handling and electronic systems and components. The Fluid & Power Systems Group is part of Textron's $4 billion Industrial Segment.