Rockford, IL - December 4, 2007 - Greenlee, a Textron Inc. (NYSE: TXT) company, announced today the company's Central Distribution Center (CDC) will be moved to DeSoto County, Mississippi. As a result, the CDC operations in Rockford will be closed in 2008.
This move impacts approximately 100 salaried and hourly employees at the Rockford CDC, however, the customer service and technical services employees currently housed in the CDC building will not be affected. Greenlee's headquarters are based in Rockford, as is a manufacturing plant on Research Parkway, and two additional manufacturing facilities are located in Genoa, IL. This move does not impact the 500 plus employees located at these four facilities.
Greenlee has experienced steady growth since it moved into the current CDC facilities more than 20 years ago. Unfortunately, the current distribution facility is not conducive to expansion or modernization to accommodate the company's growing business and need for both greater efficiency and lower operating costs. Therefore, Greenlee made the decision to move the distribution center.
The DeSoto County, Mississippi site was selected following a total benefit and cost analysis of inbound/outbound transportation, property, operating and labor costs. The analysis involved sites from multiple states including a review of local options. Greenlee met recently with local Rockford officials to determine the viability of several other potential Rockford-area sites for the company's new distribution center, however, the selected site in Mississippi was determined to be the best total benefit and cost solution for long term growth.
The selected site, in addition to being significantly larger than Greenlee's current distribution facility, offers 18 shipping and receiving docks, a drive-in dock, and a significant time and cost savings to the company due to its proximity to the Federal Express hub location in Memphis, Tennessee.
According to Stan Noble, vice president of Human Resources for Greenlee, the company will be meeting with leaders of the IAMAW District 8 local bargaining unit to discuss the impact of this decision on the affected hourly employees. Affected salaried employees will have severance and outplacement assistance benefits in accordance with company policy.
About Greenlee
Greenlee is known as a global leader in the professional tool category. The Rockford, Illinois-based company develops high quality innovative products distinguished by customer-driven design and differentiated by supply chain excellence. Greenlee also leverages its powerful brands such as Tempo, Fairmont, and Klauke in the electrical, construction and maintenance markets worldwide. More information is available at www.greenlee.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.
