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Textron Unloads Interiors Venture To Collins & Aikman

February 28, 2003

1 Min Read
Textron Unloads Interiors Venture To Collins & Aikman

Textron Inc. has sold its 50% interest in Textron Automotive Co. Italia SrL to joint-venture partner Collins & Aikman, Troy, mi. The venture produces interior and exterior trim and components from four locations. C&A acquired its 50% share when it bought Textron’s global automotive trim business in December 2001. The deal gave Textron a put option to sell the remaining half in December 2004 for $28 million, but C&A has paid just $15 million. The company’s biggest customer is Fiat Auto, which is currently in a financial crisis.

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