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Textron Sells Composite Material Products Business

20 December 2001

Textron Inc. has sold its Composite Material Products business, a unit of Textron Systems, to Specialty Materials, Inc., a subsidiary of Fiber Glass Industries of Amsterdam, New York.

Composite Material Products (CMP) develops, manufactures and markets engineered materials such as continuous boron and silicon carbide filaments to the aerospace, defense, industrial and sports markets. Terms of the transaction were not disclosed. This sale is part of Textron's strategy to gradually divest a number of non-core assets to create a simpler, more focused network of strong businesses in attractive industries. Other recent divestitures include Textron's carbon products, fuel control and fuel delivery systems businesses, as well as its turbine engine components line.

CMP is based in Lowell, MA and employs 28 people. The company's 2000 annual revenues were approximately $6.4 million. Specialty Materials, Inc. will also be located in Lowell, MA.