UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): January 29, 2009
TEXTRON
INC.
(Exact
name of Registrant as specified in its charter)
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Delaware
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I-5480
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05-0315468
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(State
of
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(Commission
File Number)
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(IRS
Employer
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Incorporation)
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Identification
Number)
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40
Westminster Street, Providence, Rhode Island 02903
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (401) 421-2800
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange
Act (17 CFR 240.13e-4(c))
Item
2.05 Costs
Associated with Exit or Disposal Activities.
As a
result of ongoing evaluations and additional actions under Textron’s previously
reported overhead cost reduction and productivity improvement plan, Textron
anticipates that it will incur approximately $40 million in restructuring
charges in 2009, most of which will be incurred in the first
quarter. Approximately $30 million of these restructuring charges are
in connection with further headcount reductions which have been announced by
Textron’s Cessna segment. In addition, approximately $5 million of
these restructuring charges are as a result of actions taken at Textron’s Kautex
business, with the remainder being incurred among various other business
units. Textron estimates that substantially all of the $40 million in
pre-tax costs will result in future cash outlays, primarily from employee
separation expense.
Textron
will continue to monitor and evaluate its operations and could have additional
restructuring costs in the future as a result of further headcount reductions
and other actions in its various business units, however, an estimate of these
charges cannot be made at this time.
Certain
statements in this Current Report on Form 8-K and other oral and written
statements made by us from time to time are forward-looking statements,
including those that discuss strategies, goals, outlook or other non-historical
matters, or project revenues, income, returns or other financial measures. These
forward-looking statements speak only as of the date on which they are made, and
we undertake no obligation to update or revise any forward-looking statements.
These forward-looking statements are subject to risks and uncertainties that may
cause actual results to differ materially from those contained in the
statements, including the risk factors contained in our most recent Quarterly
Report on Form 10-Q and the following: (a) changes in worldwide economic and
political conditions that impact demand for our products, interest rates and
foreign exchange rates; (b) the interruption of production at our facilities or
our customers or suppliers; (c) performance issues with key suppliers,
subcontractors and business partners; (d) the ability to control costs and
successful implementation of various cost-reduction programs, including the
enterprise-wide restructuring program; (e) the occurrence of slowdowns or
downturns in customer markets in which our products are sold or supplied or
where Textron Financial Corporation (TFC) offers financing; (f) changes in
aircraft delivery schedules or cancellation of orders; (g) bankruptcy or other
financial problems at major suppliers or customers that could cause disruptions
in our supply chain or difficulty in collecting amounts owed by such customers;
and (h) continued volatility and further deterioration of the capital
markets.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
TEXTRON
INC.
(Registrant)
By:_ /s/ Richard L.
Yates
Richard
L. Yates
Senior
Vice President and Corporate Controller