BANKING & FINANCE - Aug. 17, 1993
From Times Staff and Wire Reports
Textron to Sell Part of Unit: The owner of Avco Financial Services said it will sell up to 19% of one of its insurance subsidiaries but has no plans to sell all or part of its Avco group of finance and insurance companies. Textron Inc., a Providence, R.I., conglomerate, said it has filed documents with the Securities and Exchange Commission to sell 17% to 19% of its Paul Revere Corp. At the same time, the parent company sought to dispel rumors that it was pulling out of the financial services industry and might sell Irvine-based Avco.
