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REGISTRATION STATEMENT FILED FOR INITIAL PUBLIC OFFERING BY TEXTRON INC. OF A MINORITY INTEREST IN THE PAUL REVERE CORPORATION

 PROVIDENCE, R.I., Aug. 16 /PRNewswire/ -- Textron, Inc. (NYSE: TXT) announced today that a registration statement has been filed with the Securities and Exchange Commission relating to a proposed underwritten public offering of The Paul Revere Corporation, a wholly-owned subsidiary of Textron, Inc.
 The offering consists of 7.5 million shares of The Paul Revere Corporation plus a 30-day option permitting the underwriters to purchase up to 1.05 million additional shares to cover any over-allotments. Of the shares offered, approximately 13 percent of the shares will be offered outside of the United States and Canada.
 After the offering, Textron will retain approximately 83 percent ownership of Paul Revere (81 percent if the over-allotment option is exercised).
 Paul Revere will not receive any of the proceeds from the sale of these shares; however, Textron will contribute $100 million to the capital of Paul Revere immediately prior to the sale. All of the shares being offered are to be sold by Textron, which will use the proceeds to reduce debt.
 The Paul Revere Corporation, through its subsidiaries, The Paul Revere Life Insurance Company, The Paul Revere Protective Life Insurance Company, and The Paul Revere Variable Annuity Insurance Company, is engaged primarily in providing disability insurance in North America. In addition to its disability insurance products, the company also markets group life and dental insurance, individual life insurance and annuities.
 James F. Hardymon, Textron's chairman, president and chief executive officer said, "we have no present plans to sell all or a portion of any other financial services division."
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
 This communication should not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 The managing underwriters for the offering will be Salomon Brothers Inc., Donaldson Lufkin & Jenrette Securities Corporation, and The First Boston Corporation. The offering will be made only by means of a prospectus.
 Textron is a multi-industry company with operations focused in three business sectors -- Aerospace Technology, Commercial Products and Financial Services.
 -0- 8/16/93
 /CONTACT: Raymond W. Caine, Jr., vice president of corporate communications, Textron, Inc., 401-421-2800/
 (TXT)


CO: Textron, Inc ST: Massachusetts IN: CPR SU: OFR

CM -- NE015 -- 3087 08/16/93 12:37 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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