Textron boosts aerospace, defense businesses with addition of United Industrial

By Lisa Kerner

Charlotte, N.C., Dec. 18 - Textron Inc. completed its $1.1 billion acquisition of United Industrial Corp., the company announced on Tuesday.

The acquisition adds capabilities to Textron's existing aerospace and defense businesses and "advances its strategy to deliver broader and more integrated solutions to its customers," a company news release stated.

It was previously reported that Textron, through its wholly owned subsidiary, purchased a total of 8,417,623 shares, or some 85%, of United Industrial's common stock in its $81-per-share tender offer ended Nov. 13.

Providence, R.I.-based Textron has business in the aircraft, industrial and finance industries.

United Industrial is based in Hunt Valley, Md., and provides aerospace and defense systems through its subsidiary AAI Corp.

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