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Textron's key: diversifying Textron owns more than 20 different businesses that are organized into five divisions: aircraft, automotive, industrial, systems and components, and finance. While its companies represent a diverse mix, Textron keeps it sindustries balanced and bases its success on three core strategies: investing in well-defined, proven growth opportunities, driving operational excellence, and leveraging e-business technologies. Currently, approximately 25 percent of the company's revenues come from aircraft sales, including Bell Helicopter and Cessna. Among the company's other products are car interiors, E-Z-Go golf carts, and industrial fasteners. Even though Textron has sold its Paul Revere insurance business, the finance division remains strong with its 1999 acquisiton of Business Leasing Group, which sells commercial insurance. Out with the old, in with the new Textron benefited from military contracts throughout the 1980s, when it sold off its less profitable business and used the government revenues to buy others. Today Textron and partner Alliant Techsystems are the sole producers of the Army's anti-personal landmine alternative (APL-A) program (worth $500 million). Textron Systems, a subsidiary of Textron Inc., was also granted a three year contract with the U.S. Navy in 1999 to support its missile defense program. In spite of all this, the company has responded to the defense spending reductions by carefully managing its corporate diversity. In 1992 Textron bought Cessna Aircraft, and three years later acquired two major industrial fastening companies: Elco Industries and the Germany-based Boesner. One of the keys to Textron's success has been its increasing emphasis on international sales; 35 percent of its revenues now come from foreign sources, and company leaders hope that number will rise even further. Textron's sale of Avco Financial Services, a provider of common insurance and an essential part of its financial divison, in 1999 seemed to signal the end of its consumer lending business. Only a few days after the sale, however, the company acquired Business Leasing Group from BankAmerica, continuing its business of commercial lending. A new CEO, some new acquisitions James Hardymon left his position as CEO in 1998 and chairman in 1999 naming Lewis Campbell as his successor. Campbell hopes to double Textron's revenues in the next five years. As part of this plan, Textron acquired Flexalloy Inc. in 1999, a fastener distributor, and Bates Technologies, Inc., a distributor of honing products. Textron also acquired Britain's ALSTOM Gears to strengthen the company's power transmission capabilities as well as Energy Mfg. Co., Inc. and Williams Machine & Tool Co. to increase its motion control abilities. In Italy, Textron's joint venture, Textron Breed S.r.l., is a combination of BREED Technologies, Inc. and Magneti Marelli S.p.A. of Italy created to design and manufacture bumpers, instrument panels, and exterior automotive trim. Late in 1999, Textron acquired Omniquip International, North America's largest supplier of telescoping material handlers, and KSB Annecy in France, a subsidiary of the German industrial pump manufacturer KSB Group. Getting wired Since starting its e-strategy in 1999, Textron has not slowed its pace on the Internet. By mid-2000, the company iniated a $100 million alliance with Safeguard Scientifics, giving Textron access to Safeguard's network of 250 Internet-related tech companies. Textron also invested $25 million in EqualFooting.com, a B2B online marketplace with products and services that target small businesses primarily in the manufacturing and construction industries. With its Internet-related investments, Textron hopes to begin selling more goods and offering more services on the web. Textron's newly formed e-Business Council continue to develop new e-business recommendations and set e-strategies in motion.
Textron does not post jobs for positions at its corporate headquarters externally. Applicants interested in working there should send a resume and detailed cover letter to the headquarters human resources office. Some of Textron's subsidiaries do post job openings on their web pages. For example, Bell Helicopter lists open positions, degree requirements, and contact information on its recruitment page. Each business unit does all of its own recruiting and hiring, and applicants should contact each unit directly. The main Textron web site, www.textron.com, offers a business directory link for contact information on all of its business units. Or call toll free 1-877-4TEXTRON (1-877-483-9876) to listen to descriptions of Textron's business units and receive contact information. If you have AdobeAcrobat Reader, you can download Textron's recruiting brochure from the main web site. The company warns that resumes are not forwarded or exchanged between the various business units.
Stable leadership Textron offers its employees "corporate stability" and "industry leadership." They credit this success to "effective training" and "full support for continual education." Several employees say that Textron is "not as generous as it once was"; some new hires are not eligible for profit sharing, for example. However, many other employees say that Textron has recently "become stronger" thanks to "improving business strategies." Throughout the company, employees call Textron's pay scale "better than just competitive" and report that the company has "an excellent history of hiring and promoting minorities."
John D. Butler Human Resources
Helicopters;Jets;Commercial finance;Automotive parts;Fastening systems;Tools;Aircraft parts;Fuel systems;Weapons systems;Golf carts and components
Allied Devices;Boeing;Bombardier;Piper Aircraft;Rolls-Royce;Sextant Avionique; More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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