Jason Sandefur

Textron Inc. decided to sell its fastener division, Textron Fastening Systems, plagued by mounting losses from a slumping domestic auto industry.
During 2005 TFS closed its new $35 million fastener plant in Greenville, MS, just two years after the facility began production. The 308,000 sq ft plant, which manufactured specialty threaded fasteners and engineered assemblies for the auto industry, was built to consolidate much of the company”s fastener production from other U.S. locations, including plants in Rockford, IL. Textron recorded a $355 million charge for reclassifying TFS as discontinued operations during 2005.
TFS is headquartered in Troy, MI, and employs 9,000 people at 19 facilities in the U.S. and a total of 20 plants in China, Australia, Austria, Brazil, Canada, France, Germany, Italy, Japan, Korea, Malaysia, Mexico, Singapore, Spain, Taiwan and the UK.
In its 2005 annual report Textron valued its discontinued operations, primarily TFS, at $1.12 billion.
Since September 2005 TFS has sold three facilities: two plants in the U.S. were sold to Tinnerman Palnut Engineered Products Inc., and India-based Sundram Fasteners bought TFS subsidiary viz. Peiner Umformtechnik GmbH, Peine, Germany (Peiner).
In early 2005 TFS doubled its China production facility, which employs more than 200, to 115,00 sq ft. Additional capacity at the facility allows total production of 200 million engineered fasteners per month, according to Randy Teo, Asia Pacific president for TFS.
TFS” major brands include: Avdel, Cherry, Camcar, Elco, Boesner, S�kosim and Oelschl�ger.
Excluding TFS facilities, Textron operates 77 plants in the U.S. and 58 plants in other countries.
Overall Textron revenue for 2005 climbed 20% to $10.04 billion, but net income dropped 44.3% to $203 million, hurt by costs related to reclassifying TFS as discontinued operations.
Headquarters: 40 Westminster St., Providence, RI 02903-2596. Tel: 401 421-2800 Fax 401 421-2878
Web: textron.com and textronfasteningsystems.com
NYSE Symbol: TXT
CEO: Lewis Campbell, 59
Investor relations: Mary Howell, 53
Key fastener executives: Rick Clayton, TFS president
Employees: 37,000
Percentage of revenue from fastener-related products: 16% \ �2006 FastenerNews.com