See update Tue 27 for a sudden dive in stock price.
Yipes ... down a cliff today
According to a report today in The News Journal amid the topmost stocks in today’s market is Textron Inc. (NYSE:TXT). The company founded in 1923 in Providence, Rhode Island is now an American industrial conglomerate, ranked 236th in the Fortune 500 with revenues of $12.1 Billion [as of 2013] with 33,000 employees, and facilities and presence in 25 countries.
The Federal Trade Commission granted the approval for the Textron Inca acquisition of Able Aerospace Inc and Able Engineering and Component Services Inc in Transaction #20160539 on January 6, 2016. Investors are closely tracking the movement of stock price, which commenced the trading session at 37.00 and was trading at 37.45. It has witnessed an average volume of 1911320 shares over the last three months. A number of brokerages have issued their earnings projections about the stock and its future stock movement. They expect the stock to touch 50.38 in near future.
Textron Aviation has expanded its component repair capabilities with the acquisition of Mesa-based Able Engineering & Components Service and Able Aerospace, a $70M international business and aerospace enterprise. Subsidiaries of Textron include Bell Helicopter, Cessna Aircraft, and other components. Primary revenue sources include the RQ-78 Shadow UAV and related contracts with U.S., foreign and global markets,
Able made the acquisition announcement in this press release
Textron Aviation acquires Able Engineering & Component Services, strengthens aftermarket customer support across Textron
WICHITA, Kan., (Jan. 21, 2016) – Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, announced today it has completed the acquisition of Able Engineering & Component Services Inc. and Able Aerospace Inc., an industry-leading repair and overhaul company. Based in Mesa, Arizona, Able provides component repairs, component exchanges and replacement parts, among other support and service offerings for commercial rotorcraft and fixed-wing aircraft customers around the world.
The company has performed more than 8,000 proprietary FAA-approved component repairs. Its work covers a range of helicopter, commercial and military aircraft and engine components. Able, which employs 500 workers, also is a preferred provider for a number of helicopter operators and airlines.
Able Engineering CEO Lee Benson said Able had worked closely with Textron management over the past year “to ensure the acquisition by Textron is beneficial to all our stakeholders.”Textron Aviation said it has no plans to make any organizational or operational changes to Able. “The team is doing a great job and we have no intention to disrupt the work they are doing with customers,” a spokeswoman said.
Source: Aviation International News http://www.ainonline.com/
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