Textron Considering Selling Automotive Business

John Wolz

Textron Inc. is looking for buyers for part of its Textron Automotive division, according to Crain Communication�s Automotive News. Textron one of the last industrial conglomerates with a significant auto parts unit, wants to sell at least portions of it.\
The Providence, R.I., conglomerate hired investment banks Rothschild Inc. and Goldman, Sachs & Co. to determine if there are any potential buyers for Troy, MI-based Textron Automotive Co. Inc.
CEO Lewis Campbell wants to reduce the percentage of revenue dependent on the auto industry, which is now at 22% of revenue.
Automotive News reported the likely sale candidate is the automotive trim division, which generated 63% of the automotive division’s $2.9 billion in revenue last year.
Textron Automotive spokesman Tim Weir would neither confirm nor deny that the unit is for sale.
Textron Automotive ranks No. 21 on the Automotive New****************************************************************

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