Textron reported plans to cut the size of its debt.

Under the plan, Textron will offer 4 million shares of common stock and sell three divisions to further reduce the $1.4 billion in debt that it incurred when it purchased Avco Corp. earlier this year. The divisions that the company plans to sell are Bostitch of East Greenwich, R.I.; Dalmo Victor of Belmont, Calif., and Valentine Sands Ltd. of Australia. Textron already this year has sold five divisions and offered four others for sale.