Textron's Bell Helicopter Acquires Edwards & Associates; Acquisition Brings Customization Opportunities In-House and Enhances After-Market Sales

Business Wire, August 2, 1999

PROVIDENCE, R.I.--(BUSINESS WIRE)--Aug. 2, 1999--

Textron Inc. (NYSE:TXT) announced today that its Bell Helicopter division, the world's largest maker of commercial helicopters and tiltrotor aircraft, acquired Edwards & Associates, Inc. Based in Bristol, Tennessee, the company is a leader in the manufacture, sale and assembly of helicopter customization kits and accessories, as well as the sale of after-market Bell helicopters. Edwards & Associates' full-year 1998 sales were approximately $47 million. Terms of the transaction were not disclosed.

"Edwards & Associates has been a partner with Bell for over twenty years as both the premier supplier of customization kits and accessories to our customers as well as a member of Bell's family of 328 customer service centers worldwide," said Bell Helicopter Textron Chairman and Chief Executive Officer Terry Stinson. "Bringing the manufacture and sale of customization kits and accessories in-house allows Bell to offer these products and services directly to our customers. In addition, Edwards & Associates' strength in the used helicopter market, where the ratio of used to new helicopter sales is currently five to one, extends our direct after-market sales opportunities," he added.

With locations in Bristol, Tennessee and Stockton, California, Edwards & Associates and its wholly-owned subsidiaries, Aeronautical Accessories Inc., Aeronautical Plastic Inc. and Rotor Blades Inc., manufacture and sell full proprietary customization kits and over 800 helicopter products including landing gear, interior trim replacement parts and replacement windows. The company is also a recognized global leader in used helicopter sales, serving customers in the corporate, government, offshore oil, emergency medical and utility markets.

Bell Helicopter Textron is a $1.4 billion leading producer of commercial and military helicopters, and the pioneer of the revolutionary tiltrotor aircraft. Globally recognized for customer service, innovation and superior quality, Bell's global workforce of over 7,500 employees serves customers flying Bell aircraft in over 120 countries.

Textron Inc. (NYSE:TXT) is a $10 billion, global, multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial and Finance. Textron has a workforce of over 64,000 employees and major manufacturing facilities in 23 countries. Textron is among Fortune magazine's "America's Most Admired Companies," and Industry Week magazine's "Best Managed Companies." Additional information is available at www.textron.com.