WASHINGTON (dpa-AFX) - Textron (TXT) announced its intent to separate its Industrial segment from the company's core aerospace and defense businesses. Textron intends to explore multiple paths to effect the planned separation, including but not limited to a sale of the Industrial businesses or a tax-free separation into a standalone, publicly traded company. The separation results in New Textron becoming a pure-play aerospace and defense company.
Industrial segment is composed of Kautex, and Textron Specialized Vehicles. Textron is targeting completion of the separation within 12 to 18 months.
In pre-market trading on NYSE, Textron shares are up 3.84 percent to $93.27.
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