For Immediate Release
Hong Kong, July 2, 2001 - Johnson Electric today announced that it has acquired the manufacturing assets of the electric motor components business of Textron Automotive Co.'s Kautex Textron division. Terms of the sale were US$12.5 million.
Based in Manchester, N.H., the business manufactures fuel pump armatures and cruise control stators for automotive tier-one suppliers and has estimated annual sales of US$16 million. Kautex Textron employees at the Manchester facility will assist on a contractual basis in the manufacture of stators and armatures while Johnson Electric transfers the production assets to its plants in Mexico and China. This transition period will extend several months until Johnson Electric's plants take over manufacturing completely.
The motor armatures are used in automotive fuel pumps and some feature graphite commutators to allow long-life operation with alternative fuels. The stators are key components in brushless stepper motors that are used in automotive cruise control systems.
According to Jim Dick, director of Strategic Marketing for Johnson Electric, "This business acquisition supplements our existing global motor technology strategy and allows Johnson Electric to grow into new automotive applications."
Textron Inc. (NYSE: TXT) is a US$13 billion, global, multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial Products, Fastening Systems and Finance. Textron has a workforce of over 70,000 employees and major manufacturing facilities in 30 countries. Textron is among Fortune magazine's "Global Most Admired Companies" and Industry Week magazine's "Best Managed Companies." Additional information is available on www.textron.com.
Johnson Electric Holdings Limited is listed on The Stock Exchange of Hong Kong and is a constituent stock of the Hang Seng Index. Johnson Electric employs over 25,000 people in 14 countries, with the majority of the workforce engaged in production activities in China, Thailand and Mexico. Design engineering centers are located in Hong Kong, Italy, Germany, China, Japan, and the USA. The Johnson Electric Group provides world-class micro motors and integrated motor systems to global customers in the automotive, power tools, home appliances, business equipment, audio-visual and personal care sectors. Additional information is available on www.johnsonmotor.com.
|Contact:||Jim Dick||Timothy Weir|
|Johnson Electric||Textron Automotive|
|USA (248) 474-9963|
|HKG (852) 2663 6633||(248) 616-5612|
Textron, Inc. investor contact: Brian Sullivan - 401-457-2353
Johnson Electric, investor contact (HKG), Debbie Chu (852) 2863-9118
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