New Orleans, LA - June 21, 2007 - Textron Marine & Land, an operating unit of Textron Systems, a Textron Inc. (NYSE: TXT) company, has been awarded a contract modification for $255.5 million to build an additional 369 M1117 Armored Security Vehicles (ASV) by the U.S. Army Tank-Automotive & Armaments Command (TACOM). This modification is a follow on to a contract finalized in 2006.
"We continue to experience both strong demand and exceptional customer feedback for the ASV," said Tom Walmsley, general manager, Textron Marine & Land Systems. "In addition, this reaffirms confidence in a product that has been in continuous combat for more than 51 months with an Operational Readiness Rate consistently greater than 90 percent."
With this award, the total number of ASVs produced or under contract is now at 1729 vehicles.
Production and deliveries of the ASV are continuing at Textron Marine & Land with firm contracts through at least October 2008.
The ASV is used by the United States Army for its military police, convoy protection and Field Artillery Combat Observation and Lasing Teams (COLT). Its record of performance, reliability and survivability in the field is impeccable. More than 750 ASVs have been deployed in the Global War on Terrorism in support of combat missions. Textron Marine & Land has built more than 950 vehicles to date.
About the ASV
The ASV is a 4X4 wheeled armored vehicle that offers significant crew protection through the employment of multiple layers of armor that provides defense against small arms fire, artillery projectile fragments, and land mines. This advanced armor is exceedingly lightweight and allows the vehicle to be able to "roll-on/roll-off" C-130 military transport aircraft. The ASV possesses superior mobility, agility, handling, and ride quality through the utilization of a four-wheel independent suspension system. Textron Marine & Land has equipped the U.S. Army Military Police version with a specially designed dual-weapon station that, unlike many other vehicles, enables the crew to load, reload and clear gun jams under full armor protection. With minor modifications and appropriate outfitting, ASV variants can perform a wide variety of missions including scout, infantry personnel carrier, reconnaissance, command and recovery.
About Textron Systems
Textron Systems Corporation ("Textron Systems") provides innovative technology solutions to meet the needs of the defense, homeland security and aerospace communities. The company is known for its precision smart weapons, surveillance systems, complex intelligence and communications systems, aircraft control components, piston engines, specialty marine craft and armored vehicles. Textron Systems is a wholly-owned subsidiary of Avco Corporation. Avco Corporation is wholly-owned subsidiary of Textron Inc. More information is available at www.systems.textron.com.
About Textron Inc.
Textron Inc. is an $11 billion multi-industry company operating in 32 countries with approximately 40,000 employees. The company leverages its global network of aircraft, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron Systems and Textron Financial Corporation. More information is available at www.textron.com.
Forward-looking Information: Certain statements in this report and other oral and written statements made by Textron from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or other financial measures. These forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: [a] changes in worldwide economic and political conditions that impact demand for our products, interest rates and foreign exchange rates; [b] the interruption of production at Textron facilities or Textron's customers or suppliers; [c] Textron's ability to perform as anticipated and to control costs under contracts with the U.S. Government; [d] the U.S. Government's ability to unilaterally modify or terminate its contracts with Textron for the Government's convenience or for Textron's failure to perform, to change applicable procurement and accounting policies, and, under certain circumstances, to suspend or debar Textron as a contractor eligible to receive future contract awards; and [e] changes in national or international funding priorities and government policies on the export and import of military and commercial products.