Industrial Manufacturing News

Situated in Jiangsu Province near Shanghai in the heart of China’s booming high-technology sector, Textron Fastening Systems Wuxi Operations will employ 226 people in a 10,700 square-meter facility equipped with advanced assembly and engineering equipment.

“China manufactures more than 40 percent of the consumer electronics products purchased worldwide, leads in computer and mobile phone output,” said Rick Clayton, president of Textron Fastening Systems, at today’s ceremonies dedicating the Wuxi facility. “China also has become the third leading producer of automobiles.

“Our newly expanded Wuxi Operations plant symbolizes our commitment to serving the specialized needs of our customers in these expanding markets. Our regional capabilities are enabling us to build a leadership position in China by providing value-added assembly solutions, reducing lead times and supply chain costs, and adding flexibility to customer production schedules.”

The additional capacity at the Wuxi facility allows production of 200 million engineered fasteners per month for customers in China and for export to foreign markets, said Randy Teo, President, Asia Pacific, for Textron Fastening Systems.

“ Wuxi Operations is the only facility in China that produces both blind and threaded fasteners in one location,” Teo said. “We have added new lines of engineered fasteners for our automotive and construction customers to shorten lead times in these growing market segments,” Teo said.

Headquartered in Troy, Mich., USA, $1.9 billion Textron Fastening Systems Inc. is a leading provider of engineered fastening systems, state-of-the-art assembly technology, and inventory management and applications engineering services. With 10,000 employees worldwide, Textron Fastening Systems supplies value-added fastening products, systems, and services to customers in more than 150 countries.

Textron Inc. is a $10 billion multi-industry company with 44,000 employees in 40 countries. The company leverages its global network of aircraft, 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, Jacobsen, Kautex, Lycoming, E-Z-GO and Greenlee, among others. More information is available at www.textron.com

Forward-looking Information
Certain statements in this report and other oral and written statements made by Textron from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or other financial measures. These forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: [a] the extent to which Textron is able to achieve savings from its restructuring plans; [b] uncertainty in estimating the amount and timing of restructuring charges and related costs; [c] changes in worldwide economic and political conditions that impact interest and foreign exchange rates; [d] the occurrence of work stoppages and strikes at key facilities of Textron or Textron’s customers or suppliers; [e] Textron's ability to perform as anticipated and to control costs under contracts with the U.S. Government; [f] the U.S. Government's ability to unilaterally modify or terminate its contracts with Textron for the Government's convenience or for Textron's failure to perform, to change applicable procurement and accounting policies, and, under certain circumstances, to suspend or debar Textron as a contractor eligible to receive future contract awards; [g] changes in national or international funding priorities and government policies on the export and import of military and commercial products; [h] the adequacy of cost estimates for various customer care programs including servicing warranties; [i] the ability to control costs and successful implementation of various cost reduction programs; [j] the timing of certifications of new aircraft products; [k] the occurrence of slowdowns or downturns in customer markets in which Textron products are sold or supplied or where Textron Financial offers financing; [l] changes in aircraft delivery schedules or cancellation of orders; [m] the impact of changes in tax legislation; [n] the extent to which Textron is able to pass raw material price increases through to customers or offset such price increases by reducing other costs; [o]Textron’s ability to offset, through cost reductions, pricing pressure brought by original equipment manufacturer customers; [p] Textron's ability to realize full value of receivables and investments in securities; [q] the availability and cost of insurance; [r] increases in pension expenses related to lower than expected asset performance or changes in discount rates; [s] Textron Financial’s ability to maintain portfolio credit quality; [t] Textron Financial’s access to debt financing at competitive rates; [u] uncertainty in estimating contingent liabilities and establishing reserves to address such contingencies; [v] performance of acquisitions; and [w] the efficacy of research and development investments to develop new products.

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Media Contacts:

Timothy Weir
(248) 813-6329
tweir@tfs.textron.com

Tim Trainor
(313) 822-4000
TrainorComm@cs.com