Textron Systems Awarded Contract for Production of Additional Armored Security Vehicles for Operation Iraqi Freedom

June 24, 2004

WILMINGTON, Mass.--(BUSINESS WIRE)--June 24, 2004--Textron Marine & Land, an operating unit of Textron Systems, has been awarded a contract by the U.S. Army Tank-Automotive & Armaments Command to manufacture additional Armored Security Vehicles (ASVs).

The contract, valued up to $20 million, is for the production of an additional 28 ASVs and associated technical support and engineering services. This current buy is slated for the U.S. Army's Military Police Battalions that are already successfully operating 63 ASVs in Operation Iraqi Freedom.

B. Clay Moise, Vice President of Marine and Combat Vehicles for Textron Marine & Land, stated, "The ASV has been a critical asset -- saving soldiers' lives on a daily basis. We have received numerous thank you letters from soldiers who have survived enemy attack and have come out of the incidents unharmed. It's a rewarding and humbling experience to be part of manufacturing such a powerful lifesaving tool."

The current sole source contract award comes as a modification to an existing contract and brings the total number of production vehicles awarded to Textron to 132. Under the initial contract for production, one vehicle had been produced every three weeks. Because this newest award is based on a request from the military commander in Iraq in the form of an "Urgent Request for Fielding," production will be accelerated to one vehicle per week. The company has the current capacity to produce up to 32 vehicles per month. All work will be completed at Textron's facility in New Orleans and will begin immediately.

About the ASV

The ASV is a 4X4 wheeled armored vehicle that offers exceptional crew protection through the employment of multiple layers of armor that provides defense against medium caliber armor-piercing machine gun fire, large 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 new all-wheel independent suspension. Textron Cadillac Gage has equipped the U.S. Army Military Police version with a specially designed dual-weapon station that, unlike many other vehicles, enables all ammunition reload to be performed under armor and allows the crew to remain protected from enemy fire.

Since the introduction of the ASV, Textron Systems has received numerous inquiries from other U.S. Army branches and units, as well as many NATO countries. In response to this demand, Textron has performed studies to determine the ASV's suitability for a variety of missions. With minor modifications and appropriate outfitting, ASV possibilities include operation as a scout vehicle, a personnel carrier, a reconnaissance vehicle and a medical evacuation unit, among others uses. Textron's family of Cadillac Gage brand vehicles can be outfitted with a variety of armament stations, turrets and other equipment.

About Textron Systems www.systems.textron.com

Textron Systems Corporation provides innovative technology solutions to meet the needs of the global aerospace and defense industries. The company supports military precision engagement and dominant maneuver with strike weapons, mobility and surveillance systems. The Textron name is well known in the areas of advanced weapons, surveillance systems, aircraft control components, specialty marine craft and armored vehicles. Textron Systems is a wholly owned subsidiary of Textron's Avco Corporation.

About Textron Inc. www.textron.com

Textron Inc. (NYSE: TXT) is a $10 billion multi-industry company with more than 43,000 employees in 40 countries. 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, Kautex, Lycoming, E-Z-GO and Greenlee, among others.

MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4668530

 CONTACT: Media Contacts: Textron Marine & Land Paige Eaton, 504-254-6795 or Textron Inc. Karen Gordon, 401-457-2362 or Investor Contact: Textron Inc. Doug Wilburne, 401-457-2353 SOURCE: Textron 

Connect with Textron IR

Eric Salander, Vice President, Investor Relations
(401) 457-2288
Cameron Vollmuth, Manager,
Investor Relations (401) 457-2288

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