Jason Sandefur

Textron Inc. reported that fastener revenue for the third quarter of 2002 increased 5% to $411 million. Q3 fastener profit soared to $21 million from $5 million in the third quarter of 2001.
For the nine-month period ending Sept. 28, 2002, fastener revenue dipped 5% to $1.24 billion, while profit from fasteners fell 40% to $49 million.
Textron, a $12-billion global conglomerate, is in the process of cutting 9,500 jobs � about 16% of its global workforce – as part of a restructuring plan.
Overall, Providence, RI-based Textron reported Q3 revenue dropped 7.6% to $2.6 billion. Web: textron.com or textronfasteningsystems.com �2002 FastenerNews.com