Platinum Equity Doing Well With Fasteners
Platinum Equity Doing Well With Fasteners
Jason Sandefur
Six months after Textron Inc. sold its fastener business to Platinum Equity, both businesses seem to be doing well.
Including its $630 million deal to sell Textron Fastening Systems, Textron has sold about $4.4 billion worth of businesses over the past five years, according to Reuters News.
Textron reported profit grew 43% $5.35 per share for 2006, on revenue of $11.3 billion. And company shares rose more than 20% last year.
“With its Bell helicopter, Cessna and Textron Systems military technology units growing rapidly, Wall Street’s attention has focused on whether Textron will sell off more of its slower-growing industrial unit, which includes EZ-GO, as well as making other industrial components,” Reuters News reported.
Platinum Equity rebranded TFS as Acument Global Technologies, and has recouped nearly half of what it paid for TFS by selling Cherry Aerospace to Precision Castparts Corp. for $300 million. The deal should be finalized in the first quarter of 2007.
Acument said it plans to apply the proceeds of the sale to redeem $193.8 million principal amount of its Senior Secured Floating Rate Notes due 2014 and make a restricted payment to Platinum Equity.
Acument employs about 8,500 workers in 16 countries. Web: acument.com �2007 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment