May 14, 2002
Providence, Rhode Island - As part of its ongoing effort to divest non-core assets, Textron Inc. (NYSE:TXT) today announced the sale of its Energy Manufacturing and Williams Machine and Tool (E&W) business to Eastport Operating Partners and the E&W management group. Eastport Operating Partners is a New York-based investment fund engaged in the purchase of US-based manufacturing companies. Terms of the transaction were not disclosed.
The Energy Manufacturing and Williams Machine and Tool business is based in Monticello, Iowa and employs approximately 170 people. The company manufactures welded hydraulic cylinders, valves, pumps and reservoirs for a variety of end-markets including the light construction, waste handling, agricultural and truck equipment industries.
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