Textron Takes $53 million Charge for TFS in Q4

Jason Sandefur

Having announced its intention to sell Textron Fastening Systems, parent company Textron Inc. posted a $53 million charge for discontinued operations during the fourth quarter of 2005. But sales and income figures for TFS are no longer included in Textron’s financial reporting.
Rumors have surfaced in the fastener industry regarding the sale of TFS. But communications director Tim Weir told FastenerNews.com that TFS has not been sold.
Textron reported overall 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. Overall revenue during the fourth quarter of 2005 rose 14.7% to $2.7 billion, while net income fell 5.6% to $118 million. Web: textron.com �2006 FastenerNews.com