Textron

Textron (NYSE: TXT) is an American industrial conglomerate. Textron includes Bell Helicopter, Cessna Aircraft, Beechcraft,and other components. It was founded by Royal Little in 1923 as the Special Yarns Company, and is now headquartered in Providence, Rhode Island.

History

Early history

Textron started as a textile company in 1923, when 22-year-old Royal Little founded the Special Yarns Corporation in Boston, Massachusetts. The company manufactured synthetic yarns, a niche product at the time. By the start of World War II the company was known as Atlantic Rayon Corporation, and manufactured parachutes. As war production wound down, the company started making civilian products as well, and renamed the company Textron: “Tex" for "textiles," and "tron" from synthetics such as "Lustron". The company was listed on the NYSE in 1947.

Over the next decade and a half, Textron purchased various other manufacturing companies. In 1960, the company also bought Bell Aerospace and E-Z-Go.

Later CEOs included G. William Miller (1968–1977), and Joseph Collinson (1977–1979), and Robert P. Straetz (1979–1986). In 1984, Textron took on more debt and bought Avco, a conglomerate almost as big as itself. Later on, James Hardymon took over as CEO.