Business & Finance
Business and Finance
Business and Finance
Thu, February 26, 2009
Wed, February 25, 2009 Textron Declares New Dividend Rate To Align with Company?s Financial Strategy
PROVIDENCE, R.I.--([ BUSINESS WIRE ])--The Board of Directors of Textron Inc. (NYSE: TXT) today declared a quarterly dividend of $0.02 per share on the company's Common Stock, representing an indicated annual rate of $0.08 per share.
"This lower dividend is in alignment with the Company's overall financial strategy announced earlier this year," said Lewis B. Campbell, Textron's Chairman and CEO. "We are very much on track with our plan to enhance capital for long-term flexibility – with finance receivable run-off targets at Textron Financial ahead of schedule and strong operating results in our defense businesses. At the same time, with the current weakness in our commercial markets, we must make prudent capital allocation decisions to protect the longer-term interests of our shareholders while continuing to make critical investments in our future growth."
The Board of Directors also declared a quarterly dividend of $0.52 per share on Textron's $2.08 Cumulative Convertible Preferred Stock, Series A, and $0.35 per share on the company's $1.40 Convertible Preferred Dividend Stock, Series B.
All dividends will be paid on April 1, 2009, to holders of record at the close of business on March 13, 2009.
About Textron
Textron Inc. is a $14.2 billion multi-industry company operating in 28 countries with approximately 42,000 employees. The company leverages its global network of aircraft, defense and intelligence, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Textron Systems and Textron Financial Corporation. More information is available at [ www.textron.com ].
