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Article: Textron Completes Acquisition of David Brown Group plc; Adds Global Platform To Expand Fluid and Power Systems Business.
- Article from:
- Business Wire
- Article date:
- October 13, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PROVIDENCE, R.I.--(BUSINESS WIRE)--Oct. 13, 1998--Textron Inc. (NYSE:TXT) today announced it has completed the acquisition of David Brown Group plc of the U.K. (London Stock Exchange:DBG.L) for approximately $326 million (195 million pounds sterling), for the entire issued capital stock of Brown, plus the assumption of debt.
"David Brown provides an important growth platform for our Industrial Segment," said Textron President and Chief Executive Officer Lewis B. Campbell. "With this acquisition, we now have the critical mass required to build and develop Textron's Fluid and Power Systems group into a $1 billion, global business positioned for further growth."
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