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FEDERAL TRADE COMMISSION APPROVES TEXTRON SETTLEMENT OF AVDEL LITIGATION

 PROVIDENCE, R.I., Oct. 28 /PRNewswire/ -- Textron Inc.(NYSE: TXT) announced today that the U.S. Federal Trade Commission (FTC) has approved a settlement between Textron and the FTC Bureau of Competition of the antitrust action brought by the FTC over Textron's acquisition of Avdel plc, a British manufacturer of fasteners for commercial and aerospace markets.
 In a 4-1 vote, the FTC approved a settlement under which Textron will divest certain machinery used in the manufacture of Avdel's MONOBOLT non-aerospace blind rivets and will license a company to manufacture and sell the MONOBOLT rivet in the U.S. and Canada. Avdel and Textron's Cherry Division, which is currently licensed by Avdel, will continue to manufacture and sell the MONOBOLT rivet. The settlement is subject to a 60-day public comment period and the FTC's approval of the license/divestiture.
 James F. Hardymon, Textron's chairman, president and chief executive officer, said "we are gratified by the FTC's action. It's been a five-year wait, but we view Avdel as a major contributor to Textron's international growth and competitiveness."
 Textron acquired Avdel in early 1989 when it responded to Avdel's request to act as a "white knight" following a contested takeover attempt. The FTC commenced the antitrust action in February of 1989 seeking complete divestiture by Textron of Avdel. Since then, Textron has operated under a court order, issued at the request of the FTC, prohibiting Textron from exercising any control over Avdel. When the settlement is finalized and the license/divestiture is complete, Textron will be able to take control of Avdel, thus enjoying the benefits of the synergies and efficiencies, both in the United States and in the European and Asian markets, which its fastener and automotive divisions anticipated from the aquisition of Avdel and being able to consolidate the earnings of Avdel ($9 million for the first six months of 1993 on sales of $78 million).
 Avdel, headquartered in Welwyn Garden City, England, operates primarily outside the United States with manufacturing facilities in the United Kingdom, France, Germany and the U.S., and has established distribution networks throughout Europe, in Japan and other Pacific Rim countries, in Australia and in North America. Textron's other fastener companies -- Camcar, Cherry and Townsend -- operate principally in North America.
 Textron is a multi-industry company with operations focused in three business sectors -- Aerospace Technology, Commercial Products and Financial Services.
 -0- 10/28/93
 /CONTACT: Raymond W. Caine, Jr., vice president, corporate communications of Textron, 401-421-2800/
 (TXT)


CO: Textron Inc. ST: Rhode Island IN: ARO SU:

JL-CM -- NE015 -- 8122 10/28/93 16:15 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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