Textron Has Adapted for Success

Textron is a $12-billion, diversified multi-industry company that has grown and evolved quite successfully during its 80-year history. By linking Textron with arguably “failed” conglomerates, “Enron a Rerun of History” (Feb. 22) misses what is most notable about Textron’s story. In contrast to Ling-Temco-Vought, an over-leveraged company that twice filed for Chapter 11, and ITT, a conglomerate that several years ago completed the unwinding of its portfolio by splitting into three distinct businesses, we have successfully adapted our portfolio and business strategy to reward shareholders handsomely over the past 30 years. Our stock price has increased by about 1,000% since May 1970.

Our story bears no resemblance to the debacles of Enron, ITT and LTV. We are listed as one of Fortune magazine’s “most admired” companies and Industry Week magazine’s “best managed companies.” This is a corporate history to make Textron’s customers, employees and shareholders proud.

Lewis B. Campbell

Chairman, Textron Inc.

Providence, R.I.