Textron Specialized Vehicles Inc. Announces Expansion in Augusta

February 19, 2016

Augusta, Ga. –Textron Specialized Vehicles Inc., a Textron Inc. (NYSE: TXT) company, today announced that it plans to acquire a manufacturing facility set on more than 235 acres of land currently owned by Procter and Gamble. The property is located at the intersection of Mike Padgett Highway and Marvin Griffin Road in south Augusta.

Textron Specialized Vehicles Inc. will utilize the new facility, which includes more than 600,000 square feet of manufacturing and administrative space, to expand its operations in Augusta. The new plant will augment the company’s existing headquarters and manufacturing facility, located about one mile away at 1451 Marvin Griffin Road.

The purchase will be facilitated through the issuance of $20 million in revenue bonds, issued by the Augusta Economic Development Authority and backed by payments to be made by Textron Specialized Vehicles. The funds raised will cover the purchase price of the facility as well as capital improvements to prepare the facility for vehicle manufacturing.

Textron Specialized Vehicles has called the Augusta area home since the founding of its E-Z-GO business in 1954. Today, the company designs and manufactures more than 90 consumer and commercial vehicle models, ranging from golf cars to side-by-sides to ground support equipment for the aviation industry, under the E-Z-GO®, Cushman®, Bad Boy®, TUG™ and Douglas™ brands. Most of those products are manufactured in Augusta.

“This expansion will enable our company to rapidly increase its manufacturing throughput and flexibility to meet the growing needs, desires and demands of our different customers, from individual consumers to commercial enterprises,” said Kevin Holleran, president of Textron Specialized Vehicles.

To help facilitate the expansion, the Georgia Department of Economic Development will provide $600,000 in a Project Development Grant, and more than $1.6 million in job-training assistance through the Georgia Quick Start program, to Textron Specialized Vehicles. In return, the company will agree to generate up to 400 new jobs in Augusta, and make more than $40 million in investment in the community, within the next five years. The company already employs nearly 1,000 people in Georgia, and has experienced workforce growth of more than 13 percent annually, on average, since 2010.

“We are fortunate to be able to facilitate such expansion in our hometown, and are thankful for the assistance of the Augusta Economic Development Authority, the Georgia Department of Economic Development, and our city and state officials to bring this project to fruition,” Holleran said. “The city of Augusta, the surrounding region and the state of Georgia have been valuable partners for our company since its earliest days, so we are proud and pleased to build on our legacy as one of the area’s most lasting and vibrant manufacturers.”

“Textron Specialized Vehicles’ decision to expand its Augusta facility is continued proof of Georgia’s great infrastructure for manufacturing,” said Walter Sprouse, executive director of the Augusta Economic Development Authority. “The Augusta Economic Development Authority was excited to be a part in the organization’s expansion decision, and to assist, as always, with the creation of new jobs in the Augusta area.”

About Textron Specialized Vehicles
Textron Specialized Vehicles Inc. is a leading global manufacturer of golf cars, utility and personal transportation vehicles, and ground support equipment. Textron Specialized Vehicles markets products under the E-Z-GO®, Cushman®, Bad Boy®, TUG™ and Douglas™ brands; Its vehicles are found in environments ranging from golf courses to factories, airports to planned communities, and theme parks to hunting preserves.

About Textron Inc.
Textron Inc. (NYSE: TXT) is a multi-industry company that leverages its global network of aircraft, defense, 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, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Textron Systems, and TRU Simulation + Training. For more information visit: www.textron.com.

Certain statements in this press release may project revenues or describe strategies, goals, outlook or other non-historical matters; these forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update them. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements.

Media Contact
Brandon Haddock
Director, Communications

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David Rosenberg, Vice President, Investor Relations
(401) 457-2288
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(401) 457-2288

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